I agree with Lorie. I just wanted to add that because we are in a declining market we should price ahead of the market. In other words we should price it lower then the current market price is. This way buyers are going to feel that they have to act now.
If you can hang in there for a long while them you should stay. No one should lose money. But if you really must go then you should price ahead of the market sell and get out quick.
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If you are in a market of decline and competing with a lot of competition you need to be priced so aggressive that buyers feel the need to react before another buyer bites.
Your agent is so much more or should be then just a source to list in the MLS. They are goign to earn their commission by representing your interest and getting you to the closing table which often takes many hurdles to get through first. If you are at a loss then ask your agent if they can work with you on the commissions. Commissions are negotiable.