It's been taking it's toll on buyers that are focused on what they can no longer afford, but not stopping my buyers that focus on what they can afford and want to "plant their tree today instead of 20 years from now".

Buyers are still buying. 

Sellers who need to sell are lowering their list price. 

The market will continue with its ebb and flow. 

Depends really on who the buyers are.  1st timers, probably need to do some shifting and re-configuring.  Established buyers, not really as many pay cash or have high down payments.  Homes are continuing to sell in my local market.

It'll slow it down, just as lowering interest rates tends to heat up the market.  

I'm on a mad hunt for cash buyers, Mimi! 

Seriously, I think the stress will be short-lived - people will still want to buy a home, even if it's not quite the price range they expected to be in. 

The first-timers are the ones I worry about - I want them in the market and we had already priced them out from 2020-2022. Now, the interest rates put the few first-timers we had to bed for awhile. I think they'll be hibernating for at least 3 quarters.

All the related industries to Real Estate are suffering too. I keep thinking of Carter where interest rates went through the roof. Why? 

The initial reaction is a slight move up in rates.  If the increase works and we start seeing inflation come down, it should improve rates.

The market will be affected in some manner but people still need to have a place to live.  There are alot of moving parts here and we will see how it all plays out here by years end.

Rates up, down or steady as she goes the same. Anyone that has been through a few real estate wash and spin cycles won't go insane. Put the time into something useful ... like adjusting prices, listing more inventory  in the areas where supply is light and tight Miriam Odegard .  It's not the market that you have to worry about... it's the agent in the market and do they rise to the occasion? Or fall back into sleep mode. Waiting for someone around the water cooler to say back to work, here's the market you wished for months ago.

They did and signaled that it's not over... It will definitely curb borrowing, but I doubt it will stop inflation.

It's been awhile since I've done a transaction with a loan even when interest rates were low.  But overall, I feel for those who now can't afford the house they could have had if they had gotten in the market a couple of years ago.  On the other hand, because inventory was so low, they might have overpaid then.  There are always more sides to consider.  Obviously the market has slowed down and this will undoubtedly not help.  Inventory will rise, prices are going down as we speak. 

Everyone with stocks will have a dreadful day.

It just plain old can't be good Miriam Odegard . To many people will use it as an excuse not to buy "now". 

Likely not much of an impact.

I will just agree with Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets and move on!

We already know that the steadily increasing cost of financing is having a substantial slowing effect on the market.

Those who must move will still move but will be compelled to leave the pool off the 'must have' list.
There are secondary markets that present 'sold' opportunities for those shaken by the FED actions. Be aware, two more hikes before the end of the year.
Most of us lived through the Bank of America caused recession of 2008. Life goes in we just change suits.
However, the limits and restrictions placed upon agents over the past 10 years will prove to be detrimental to creating the solutions agents and investors created in those BofA years.
IT is my hope to see a big rising of NON-MLS brokerages. NON-union shops will be more agile.

The up and down of interest rates is something that agents have dealt with since the "dawn of man".  The addition of WICKED LOW (my Maine upbringing is coming out) inventory does make this all a challenge.  Many will give up their license (bye bye!!).  All we can do is control the controllable & stay on everyone's radar so that when the topic of real estate comes up, the consumer thinks of you.  We've been here in variations before and the great majority will live to tell about this cycle too but we can't deny the real stress of it all.

They did raise interest rates and I think it will have a slowing impact on Real Estate as more people are edged out by increasing rates & prices.

Not much.  It's like getting punched in a fight.  After the first or second, you get used to it.

This reduces the buying power for some first time homebuyers who need a mortgage, great for cash buyers!