This market really brings back memories of the early 1980's.

Yesterday, I talked to a client from Michigan who has decided to rent a house in Naperville for the next year. That was in the morning. In the afternoon, I received a referral from a Florida agent. Again, his client wanted to rent a home in our area. And, yes, they can search thru our rental listings. There are over a 100 properties for rent, ranging from one bedroom condo units to five bedroom 2-story homes priced over $3000 monthly.

Currently, I have five clients coming to our area from California, Michigan, Florida, New Mexico and Nevada who are looking to rent as they can't buy. Why? Well, their homes are on the market...unsold...and they are afraid of owning two homes. I can't blame them. It's a tough decision to leave your home vacant and unsold.

The people who are making these decisions are doing so based upon their current jobs. If a new job in Naperville offers better salary and benefits, then the move is made. And, life goes on.

Back in the early 1980's, when mortgage rates climbed up to 18%, many people decided to rent also. They waited for several years until the rates came back down to 12%. Then, they bought. This will probably be what happens here. We need another two years for the market to get back into balance.

In the meantime, many Naperville agents have become rental agents.