I think it very much depends on their position. Someone who’s property taxes and mortgage are based on a pre-1997 $200k purchase price would have a hard time getting back to such a position if they sold out now and hoped for a decline. They’d also have a tough time renting something equivalent at the same payment as their current mortgage.

If this really is the big one coming on right now, who knows when long term financing rates will be this low again? Then there is the prospect of capital gains to consider.