Good call...sit on our hands while they play with themselves...lol.
I can tell you for a fact...housing is on its way down...including rentals! Buyers are always caught up in the fear of rising interest rates...my advice to potential buyers...you will be buying at the top of the market...so buyer beware. Every RE market is unique unto itself. When an investment in a popular city is for commercial development, that is a market that will likely be stable until the entire US economy crashes. Gentrification is an ongoing process in most cities that are growing. in the Single Family market RE agents will skew their market perspective to increase their sales. New, young buyers are very susceptible to rising interest rates. It's all part of the learning process...we all start somewhere.
I live near Silicon Valley, and a condemned crack house on less than a half acre close to Stanford sold for $2 million; yet people out here are in complete la la land thinking prices will never stop rising. Can't believe how many times people have laughed at my claim that another, much larger crash, is coming. They've already forgotten about the sub-prime crash of '08, and seem completely delusional.