Get the hell out of real estate. Seriously if you have any real estate or RAIT stocks it is a great time to sell. This housing market has gone nuts from the years of 0%. Rental vacancy rates are at a 30 year low and rental prices are through the roof (pardon the pun), with houses that would have a $700 mortgage going for $1200+ with ease. Housing prices are way up too and are around pre-crisis levels.
NO I AM NOT SAYING THIS IS ANOTHER HOUSING BUBBLE. I'm not stupid, c'mon.
Real estate stocks certainly haven't gone crazy in recent years, given residual investor uneasiness about the sector. However, many symbols have made some nice gains since '08 and they are going to get hammered. As you can see on the chart all these symbols are RAITs and real estate and they are sliding already. A rate hike, even if the FOMC says it's only .01%, will be seen as the start of higher interest rates and thus a decrease in home sales. So get some put options on the sector, I'd say go 4-12 months out with strikes 15%+ lower than last price, it'll pay off. Even if Yellen announces no rate hike in Dec ., everyone thinks it's coming, and that's all it takes.
The housing market really does need it though, prices are getting a bit too high and rental prices are insane high. Also, don't confuse real estate stocks and bank/financial stocks, banks will benefit from the rate hike (increased lending and profits from interest).