I'm no financial expert, but one other thing I'd think deserves a bit of consideration is which end of the process that will be tough.
When the market is high, you'd expect ease at selling and challenge at buying.
When the market is low, you'd expect ease at buying, but challenge at selling.
So the period in the bubble would seem more rough if you need to sell before buying, because options to then buy may be very limited or even non-existent for a period. You'd have to be very focused at timing things just right, not to make any profit, but to just have a place to live at a reasonable price/convenience.
Whereas in a downturn, at least you could focus on selling your house, however long it takes, and then have many more options available to choose from when moving on. And if there turns out to be any delay between your selling and your subsequent buy, it may be a financial detriment in an inflating period, versus generally being positive in a downturn.
So stress-wise, unless you can handle it financially, I'd think waiting until it cools off may be easier... and give you more options. But who knows if or when it will occur!
Interest rate wise... you also might expect interest rates to drop some eventually if the economy significantly sours... but rates even now are still quite low, so perhaps the potential benefit to you from a housing recession may be outweighed by the dangerous potential of greater damage if significant rises continued.
In the end, I personally think it's really goes back more to the house/location you want to be in rather than trying to sneak some extra money out of the transaction. In the long-run the winners and losers tend to balance out, and if everyone could predict the right time, there'd be nothing gained from it.