I think that 2008 is a great time to buy! Not necessarily to sell. However, you may find an amazing deal that you can't pass up so it would be worth it to move on. I have literally seen people purchase $400,000 homes for $250,000! It is a little crazy out there right now.
Even though you may not get as high of a number as you are hoping for on your current house, you probably have a great chance to get a really good deal on the purchase of a home.
I hope this information helps! Best Wishes! And let me know if you need help finding an agent in your area.