MASTER PLANNED COMMUNITY: An amenity-rich residential neighborhood that was strategically designed to optimize the living experience of the residents.
MONTHS OF INVENTORY (MOI): A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale currently, given current levels of home sales. A balanced market ranges from four to six months of supply. A buyer's market has a higher number and a seller's market has a lower number.
MORTGAGE: A long term loan agreement (usually 30 years) that pays off the cost of the purchased property in monthly installments - it's like a rent payment that doubles as a retirement investment.
MULTIPLE LISTING SERVICE (MLS): A collaborative digital marketplace where home sellers - through their agents - present their homes for sale to other agents who work with potential buyers. The MLS provides accurate, up to date information about the status of local listings.