If you're moving up in house in the same area, it's better to wait until the alleged bubble bursts, since bubbles affect higher-prices homes more than lower-priced homes. You could also sell now and rent until the market bottoms out. There is no shame in renting, especially if you don't plan to stay in the house for more than a few years.
If you're downsizing, then it's better to move now for the same reasons.
If you're changing areas, then it all depends on the markets in those areas.
All that said, timing any market (including housing) is very tricky and can often work against you. Unless you think there's an enormous bubble (like a 50% premium) then in the long run it won't make much difference.
It's worth noting that we have a 7 year ARM, and we are currently on year 5, which is one of the reasons we're looking at the move now.
This should be your consideration, not a supposed "bubble". Interest rates are poised to go up over the next few years, so the sooner you can get out of that ARM the better. If you can afford to get a 15-year fixed mortgage on a new house in the next few years, that's your best bet. If not, then refinance what you have into a fixed rate mortgage.