I'm not a broker but just wanted to offer some friendly advice since I own and also rent out a home.
Re renting-- I think aside from market conditions you need to ask yourself if you are ready to be a landlord. There is a lot that goes to being a landlord, such as finding good tenants and being available whenever they need repairs, etc. Sometimes finding tenants with a good credit history may be harder than finding a buyer. Also, you should realize that its possible that you may not find a renter right away. With today's economy and some people's bad credit, its possible you may not find a renter for months leading you to pay two mortgages (again, I'm not a broker so I don't know your township's specific statistics).
Re selling-- how much below market value are you selling? If its a few thousand then maybe you can withstand the loss, but if its 20-30k or more then I think you'll need to do some serious soul searching. If you really just need to move right away, it may be wise to unload your property, eat up the loss and get that good buying opportunity. Important thing though is if you do sell at a loss, don't look back and wonder why you did that. Let it be water under bridge and enjoy your new home.