Marketwatch March 20, 2020

NORTON MARKETWATCH 
OBSERVATIONS

Over the last ten days, we have read every projection, watched every video and web broadcast just to better understand the short- and long-term effects on real estate, investments and our security products.  

Here goes... 

Life and business have hit a 30-45 day pause button as we unite to battle this horrible contagion. We should see a slow climb out from our own personal cocoons, expect that to take another 30-60 days. We will then readapt to this “normal” over the next 4-6 months. Long-term…some things will be slower to return (large scale entertainment, travel, conventions, hospitality) others will roar back. 

Unemployment for hourly wage entertainment, hospitality, and discretionary retail will take a major hit and other businesses right size for an expected slower economic expansion. Here in North Georgia, we started this disruption with a 2.5% unemployment rate, a 3-month supply of housing under $250,000 and a 2% rental apartment/home vacancy. We have limited speculative home construction, low 30-year mortgage rates, and no predator lending. 

The pause button is unprecedented… “a four-week Snowstorm.” 

While most of Norton is working virtually, it is inspirational at our level the number of homes Norton sold the last ten days (18), we have rented both apartments and houses and have sold new insurance policies. We have only seen determined buyers extending inspection, due diligence, and closings, (both commercial and residential). We see closing attorneys and our mortgage partners coming up with creative title search solutions, social distance closings, interest rate locks, and inspections. We are still closing homes from $150,000 to $1 million. Our construction projects continue and our pre-planning for others has gone virtual. We have spoken to numerous investors who are shying away from the stock market and are serious about income real estate investments. 

No, we are not showing many homes but our web site www.gonorton.com traffic is up 25%, customers are spending more time on our sites and our Facebook engagement has soared. We guess folks are taking a break from their Amazon shopping. 

Since the beginning of creation, humans have learned to adapt. We are resourceful, creative, determined, and problem solvers. This is just a crazy big problem, like guiding a spaceship through an Asteroid Belt blindfolded. 

But Everyone needs healthcare, roofs over their head, a sense of security (insurance) and food in their stomachs…the basics. 

Always the basics. 

Oh, and we need laughter, fun, smiles, and kindness.  It’s always deep in us and it is important to remember those qualities of a great life. 

Editors,

Norton Marketwatch