Hello Indian Creek,
Most of the "advice" you have gotten have been poorly veiled attempts to push listing services and give no solid advice. Other responses deal with vague information, failing to get to the guts of the matter you have asked about. None have answered your second question with any certainty - and all respondants fail to ask a most important questions. Here is the bottom line down and dirty honest response to what you have asked:
In response to waiting for the "seller's housing" market to return: Don't plan on properties in the LO or greater PDX area to regain values back to the artificial high during the boom. Despite what you might hear from the Realtors who like spin; LO has not finished dropping in value. Should it regain any substantial value it will be a long time coming and at a cost while you wait it out. Consider how much might you be over paying to support the debt on your property during this perod? If your mortgage is higher than the cost of renting or getting a new mortgage on a similar property then you are going against any tide of possble and very modest future increase in value. This needs to be factored into the big picture when considering any potential future increase in value. If you own our home free and clear then that's a different matter.
In answer to your first question, if you should sell now; The answer comes from evaluating two issues.
a) Repeating an earlier point: Is your property monthly cost higher than the cost to rent or buy a similar property at today's costs and mortgage interest rates?
b) Is your property underwater? (Do you own more than the current market value?)
If your answer is yes to both these questions then you need to dump the property now - without delay - as it is an upside down non performing investment. If your answer is yes to only one of these questions then there might be a reason to hold on - only so long as you can afford the monthly cost from your regular income and you are not using savings or other credit to maintain the mortgage and other payments associated with the property. Should you not afford the monthly payment then sell.
Best of luck.