From the Desk of Jim Weichert: In 2020, expect low rates, affordable prices.

It may be hard to believe, but the year is nearly over and it's time to think ahead to 2020. Real estate has enjoyed several consecutive years of improvement, and next year will be no different.

Like me, many economists are optimistic heading into 2020, citing a release of pent-up demand that should result in many future buyers leaving the sidelines. What's more, the National Association of Realtors predicts that annual existing-home sales should be up 5 percent next year, rising above the 2019 sales pace that is already nearly 4-percent higher than last year. In addition, the national median existing- home price for 2020 is projected to be between 5.0- and 5.5-percent higher.

In this environment, it's hard to see where one can go wrong when it comes to buying or selling a home. For buyers, the sustained period of high home affordability continues. While prices and rates have gone up a bit from their all-time lows, mortgage rates are still historically low and are expected to remain that way for at least the first quarter of 2020. Pair that with still-affordable home prices and very high rents, and it makes sense to at least consider purchasing a home.

When it comes to selling, we are finally beginning to see sustained price appreciation, with far fewer homeowners underwater on their mortgages and decreasing numbers of foreclosures. For those who have regained equity in their home, it is a good time to sell and either move up to a larger home, or downsize to a smaller home if the children have left the nest. If you practice the time-honored tradition of establishing a New Year's resolution, why not resolve to do something in the coming year that will benefit not only you, but your family as well? The resolution I'm suggesting you make is to become a first-time homeowner, or to move up to the house of your dreams. For more information on buying a home, call Heather Milling today at 973-534-3065.

Jim Weichert is founder of Weichert, Realtors, one of the nation's largest families of independently owned real estate companies, and the founder of Weichert Financial Services.