Expect happiness to abound in the real estate sector next year, two real estate professionals told CNBC on Monday.
Broker Fred Glick told CNBC the real estate market in 2015 will be driven by jobs, oil prices, and interest rates – all of which will likely bring consumers more money and greater confidence to make a move.
"This is all going to turn around to a happiness. I call it the ‘axis of housing happiness’ in that you have jobs, you have low oil prices, and you have low interest rates," Glick told CNBC.
Shari Olefson, a real estate lawyer, is also optimistic. She says that 2015 will mark the first year where the entire nation makes a recovery. She predicts a higher number of boomerang buyers returning to the market — those who may have lost their homes to foreclosure jumping back into home ownership.
“We’re going to have those boomerang buyers who sat out the mandatory waiting period and can get back into housing,” Olefson said.
"The great thing about housing is people need a place to live," Olefson said. "The alternative is to rent and we know rents are going up even faster than interest rates. And we still have the mortgage interest deduction. So rates are not going to be a big obstacle."
Source: “Real Estate Pro’s 2015 Forecast: Axis of Housing Happiness,” CNBC (Dec. 22, 2014)