What's Direction is the RE Market Going Right Now?

[Andrew M.]

Hello, this is actually my first post here on BiggerPockets. I appreciate anyone taking the time to read and reply.

I read an article today (I think it was the NY Times) that the Federal Reserve is going to gather soon to, in all likelihood, raise interest rates. Historically this is a sign of an improving economy. Back in the 1980's interest rates for mortgages exceeded 10%, far above where they are now. 

Yet I've heard other experience RE investors mention they are expecting another recession in the near future and are selling off a lot of their portfolio in anticipation of this. I know no one has a crystal ball but I was hoping to start a discussion about how different experienced professionals feel about where the market is right now and where they think it's heading over the next several years.

For instance is it a good time to leverage yourself with large amounts of low interest debt in anticipation of rising interest rates, or is it a good time to sell, save large amounts of cash, and prepare to buy when the housing market crashes?

Also I apologize if this topic has been covered extensively already, I'm relatively new to the forums here.