I'm paying off my mortgage
If prices are dropping but you're staying put, then you don't need to worry. But be aware that falling prices can limit your future options. If you need to sell in a hurry, you might have to sell at a loss. Also, falling prices can erode your equity (the value you've built up in the property through paying off your mortgage). This makes it harder to access that equity for things like renovations or investment.
Negative equity also makes it hard to refinance. If your home loan interest rate is very high, you should look at refinancing sooner rather than later. If your property continues to fall in value, you will find it even harder to refinance.