That all depends on what your real estate objectives are. Unless you got a super deal when you bought and have not put much money into the property you will likely lose money if you sell now. On the other hand, if you just want out and want to put the money somewhere else even if you lose money on the sale, that is a different kind of decision.
It could be anywhere from 2-5 years before we see significant improvement in property values, so you may want to hold on to the property. Have you considered renting the property? If you live there, do you have a compelling reason to move?
You always have options. Give me a call if you would like to discuss them.