Is this a good time to buy??
Yes, this is a good time to buy. The interest rates are fantastic right now and you can probably get a good bargain out there. Mortgages are available, you'll just need a down payment rather than trying to do it with 100% financing.
We all know, life cycles all the time and the home appreciation will return to us at some point, so an investment in a home is still a good program of forced savings, building equity & interest deductions.
Is this a good time to sell??
Yes, this is a good time to sell. True, you will get less for your property, but you'll make up for it on the buying side when you buy at a lower price than normal. Interest rates are great for your buying side. This gives you a chance to update and move to a newer house, or smaller house or larger house - - depending on your needs.
If you sell in a good market you get more for your home but you also pay more for your new home you purchase. You always have an advantage on one side or the other, but most generally you can't have the advantage on both sides of your transaction.