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hope my parents can sell their house before this really starts happening
If your parents are anything like mine, they will gleefully ignore all sound advice designed to protect them financially or just improve their lives generally, even if they agree with the logic.
Because acknowledging that their child could possibly know more about anything than them on any subject would conflict with their ... well, quite literally apocalyptic levels of paternalistic boomer narcissism.
But more seriously: check your local market conditions and projections, certain areas are still actually appreciating or mostly stable, but many areas are set for a significant decline.
... Its mostly, but not entirely, places that are going to be turbofucked by climate change intensified disasters in the next ten years.
Well that doesn't sound frustrating at all!
I always questioned how my mum (UK) was a financial advisor of some sort and skint herself lol
Isn't there at least some upside if they don't?
housing prices dropping means that property taxes will go down. And that mortgage payments will also go down....right? right?
Mortgage payments definitely won't go down, if they're on a variable rate, they'll go up.
Property taxes... might go down... but as far as I can tell, most property value assesors and assement methods and schedules are somewhere between... esoterically arcane and inconsistent... and just openly corrupt.
But sure, if you do get assessed lower, a year into all this, then your property taxes go down.
And then the local government realizes that their revenue has gone down, and then cuts services, govt jobs, goes into debt, and/or raises taxes on everyone other than the wealthy and infuential, who then go on to buy the foreclosures.