It depends on your contract and contingency periods, and at what point you're at in your timeline. If you are working with a buyers agent, they would be the person you should ask about this.
But if you truly love the home, also make sure you look at the comps closely. Go over the comps with your Realtor too. Are you sure you're not just seeing some outlying exceptions showing the market "going down" - do you know the conditions and specifics of those properties? While it does sound like you're waiting a long time, I'm wondering how long exactly to see any remarkable difference in the market.
It is common for banks to be taking longer with loans now too... so do realize this isn't unusual.
Keller Williams Realty