Rate Hikes vs NYC Housing

[Daniel Maciag]

Do you guys think the federal rate hikes will drop the asking prices of residential 1fam/2fam housing in NYC? I see it happening in SF and Seattle, but what is happening in NYC is so strange....

I see many houses on market for 200 days + and no one is buying them. Realtors keep advertising something along the lines of "Location Location Location WONT LAST INVESTORS DREAM", but this isn't selling.

Some of them make me giggle a bit by offering a 10k discount off a 1 mil price as if that is going to do anything. The way I see it, some gridlock here. Properties are on the market for too high asking prices and buyers are not buying. I don't know what happens in this case, but do you guys predict a correction to the housing market in NYC? I personally don't think there will be too much damage, but am wondering what you guys think. I am only talking about 1fam/2fam residential, by the way.