Selling a Home in El Segundo in 2026 | Justin Borges Call Now
South Bay Seller Guide | 2026

Selling a Home in El Segundo in 2026

Current market prices, LAX noise disclosure strategy, aerospace buyer demand, school ratings, and a zone-by-zone pricing breakdown from a South Bay specialist.

Updated May 2026 • Justin Borges, DRE #01940318 • 13+ Years South Bay • $200M+ Sold
JB
Justin Borges
DRE #01940318 • The Borges Real Estate Team • 13+ Years • $200M+ Sold

El Segundo home sellers in 2026 are looking at a median sale price around $1.6 million, an average of 33 to 53 days on market depending on location, and a buyer pool dominated by aerospace and corporate professionals. The biggest pricing variable is not price per square foot -- it is how close your home sits to the LAX flight corridor. East El Segundo commands a premium. West-side addresses near Imperial Avenue price lower. Here is what you need to know before you list.

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$1.6M
Median Sale Price (March 2026)
+18.1%
Year-Over-Year Price Change
33-53
Average Days on Market
10/10
El Segundo High GreatSchools

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Browse active El Segundo listings including current asking prices, square footage, and days on market.

What the El Segundo Market Looks Like Right Now

In my 13 years selling homes across LA, I have watched El Segundo evolve from a quiet aerospace company town into one of the most undervalued small cities in Los Angeles County. The spring 2026 numbers confirm what South Bay insiders already know: El Segundo is performing well above the broader LA County market. While county-wide median prices dipped 1.6% year over year in early 2026, El Segundo homes sold at a median of $1.6 million in March 2026 -- up 18.1% compared to the prior year (Redfin, March 2026).

What I tell my El Segundo sellers is this: your buyer pool is not the same as a generic South Bay pool. The corporate campuses along Grand Avenue, the aerospace defense contractors clustered near LAX, and the small-town lifestyle on Main Street attract a specific, well-qualified buyer who will pay a premium to live within a mile of their employer and still be on Hermosa Beach by bike in 15 minutes. Price per square foot in El Segundo runs around $867 citywide, though east-side homes routinely exceed $950 per square foot.

The market is described as somewhat competitive by Redfin metrics. Active inventory in El Segundo is constrained -- typically only 23 to 30 homes listed at any time across the entire city. This limited supply in a 5.5-square-mile city with just 16,000 residents is what keeps prices firm even when broader coastal markets soften.

Seller Advantage: Independent City Status

El Segundo is an incorporated independent city, not part of Los Angeles City. Measure ULA (the LA mansion tax of up to 5.5% on sales above $5 million) does not apply here. Sellers pay only the standard LA County documentary transfer tax of $1.10 per $1,000 of sale price. On a $1.6 million sale, that is $1,760 -- not $88,000 or more that would apply in the City of Los Angeles at the same price point once other thresholds phase in.

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Flight Noise Zone Pricing: West El Segundo vs East El Segundo

The most important pricing variable in El Segundo is not bedroom count -- it is which side of Sepulveda Boulevard your home sits on and how close it is to Imperial Avenue. LAX is literally El Segundo's neighbor to the north, and the flight corridors are not equally distributed. Homes in the western corridor between Sepulveda and Vista del Mar (along Imperial Avenue, Mariposa Avenue, and Grand Avenue west of the 405) sit under the heaviest departure and approach paths.

Research from egundo.com, the city's local news source, confirms what I see in my pricing experience: homes near Imperial Avenue can carry a discount of 10 to 15 percent compared to equivalent homes in east El Segundo's quieter streets. The FAA has acknowledged this, funding $20.5 million in soundproofing upgrades for approximately 1,300 El Segundo households -- qualifying homeowners received around $40,000 in soundproof window and door upgrades. If your home participated in this program, note it in your disclosures as a mitigation upgrade, not just a problem.

East El Segundo
East of Sepulveda Blvd
$1.65M - $2.2M+
Noise LevelLower exposure
Price/Sqft$950 - $1,050+
DOM21 - 35 days
DemandHighest
Includes Virginia Street, Penn Street, Arena Street, Eucalyptus Drive. Quieter blocks, stronger family demand, best schools proximity. This is where bidding wars happen in El Segundo.
Downtown / Main Street
Main Street Corridor
$1.4M - $1.8M
Noise LevelModerate
Price/Sqft$870 - $950
DOM30 - 50 days
DemandStrong
The heart of "the friendliest city in LA." Walkability to restaurants, Farmer's Market, and community events drives demand from lifestyle buyers who want small-town character. Standard Street, Grand Avenue mid-section, El Segundo Blvd.
North El Segundo
Imperial Ave Corridor
$1.2M - $1.6M
Noise LevelSignificant
Price/Sqft$780 - $875
DOM45 - 75 days
DemandModerate
Closest to LAX. Homes near Imperial Avenue and Mariposa Avenue face the most significant flight corridor noise. Buyers here are typically budget-conscious or employees who want walking distance to Boeing or Raytheon campuses. Price honestly and disclose fully.
South El Segundo
Chevron / Refinery Adjacent
$1.1M - $1.55M
Noise LevelLower (south)
Price/Sqft$750 - $840
DOM50 - 90 days
DemandPrice-Sensitive
The Chevron refinery sits at the southern edge of El Segundo. Homes on streets like Nevada Street and Rhode Island Street nearest the refinery are required to disclose proximity in the TDS. Visual and occasional odor concerns narrow the buyer pool. Price to the right buyer, not the whole market.
East El Segundo
$1.65M+
Main St / Downtown
$1.4-1.8M
North (Imperial Ave)
$1.2-1.6M
South (Refinery Adj.)
$1.1-1.55M

Who Is Buying Homes in El Segundo in 2026?

What I tell my El Segundo sellers is that understanding your buyer is the fastest route to the right price. El Segundo is home to one of the most concentrated clusters of Fortune 500 and aerospace employers in Southern California: Boeing's El Segundo operations, Raytheon Intelligence and Space, Northrop Grumman, Aerospace Corporation, Mattel's corporate headquarters on Grand Avenue, Chevron's western division, AT&T's El Segundo campus, and Gilead Sciences (Kite Pharma). This means your buyer pool is largely employed, pre-qualified, and motivated by commute elimination -- not primarily by investment math.

In 2026, Mattel completed its move to a 167,767-square-foot headquarters at 2160 E. Grand Ave., purchasing the building outright for $59 million. Relocating Mattel employees are actively entering the El Segundo and adjacent South Bay markets. Space technology startups drawn to the "LA rocket corridor" near LAX are also producing buyer demand from engineers and executives who want to live close to where they work.

Aerospace & Defense Professional
Boeing El Segundo, Raytheon, Northrop Grumman, Aerospace Corporation, and space-tech startups collectively employ thousands within a mile of El Segundo residential streets. These buyers want walkable commutes, not drive times. They know the LAX noise tolerance because they work near the airport every day.
🏢
Corporate Relocation Family
Mattel, Chevron, AT&T, and Gilead/Kite Pharma all maintain major El Segundo operations. Relocation packages from these employers drive Q1 buyer activity. This segment prioritizes El Segundo Unified school quality and the small-district environment over price per square foot.
🏛
South Bay Lifestyle Buyer
Priced out of Manhattan Beach ($3.35M median) and Hermosa Beach, lifestyle buyers choose El Segundo for the same small-town walkability, community character, and beach proximity at roughly half the price. Main Street, the weekly Farmer's Market, and the Library Park community draw this segment consistently.
📈
Tech / Startup Investor
Growing venture-backed aerospace and tech startups in the South Bay are producing buyers from senior engineers and founders. They are often cash-rich or have strong stock comp, and they treat El Segundo as an undervalued market relative to Santa Monica or Culver City. This segment can move quickly when inventory is scarce.
Timing Note: Corporate Relocation Season

Boeing, Raytheon, and Mattel relocation packages typically activate in Q1 (January through March). If you are targeting this buyer segment, listing in late February gives your home maximum exposure during the window when corporate families are actively searching with a hard move-in deadline. I have sold multiple El Segundo homes to Boeing families who needed keys before their children started at El Segundo High in September.

Connect With El Segundo Corporate Relocation Buyers

Justin Borges has relationships with relocation coordinators at major South Bay employers. If you are selling a home near Grand Avenue or Imperial Avenue, this network matters.

El Segundo vs Manhattan Beach vs Redondo Beach vs Hawthorne

One of the first questions I hear from El Segundo sellers is: "Are we priced right compared to Manhattan Beach?" The honest answer is that El Segundo is structurally positioned below Manhattan Beach but above Hawthorne and roughly in line with Redondo Beach -- with meaningfully different buyer profiles in each city. Understanding where you sit in the South Bay hierarchy helps you defend your asking price to buyers who have been comparison shopping.

The most important line in the table below is the Measure ULA column. El Segundo sellers keep this transfer tax advantage because the city is outside LA City limits. When a Manhattan Beach seller compares notes with an El Segundo seller at a dinner table, the El Segundo owner wins on net proceeds math -- even if the gross price is lower. See my Manhattan Beach seller guide and my Redondo Beach seller guide for city-specific detail.

City Median Price (Q1 2026) Price / Sqft Avg DOM Measure ULA School Rating Noise Factor
Manhattan Beach $3.35M - $4.0M $1,400+ 20-35 days No (ind. city) 9-10/10 Minimal
El Segundo $1.4M - $2.2M $867 - $1,050 33-53 days No (ind. city) 10/10 HS West side: HIGH
Redondo Beach $1.37M - $2.1M $889 - $986 27-45 days No (ind. city) 8-9/10 Minimal
Hawthorne $935K $620 - $720 35-55 days No (ind. city) 6-7/10 Moderate

Sources: Redfin March 2026 (El Segundo, Redondo Beach, Manhattan Beach), Zillow February 2026 (Redondo Beach, Hawthorne), GreatSchools.org 2026. El Segundo HS 10/10 is the highest-rated school in the South Bay peer group above. Independent city status confirmed for all four cities regarding Measure ULA.

The El Segundo Value Proposition

El Segundo offers 10/10 schools and small-town Main Street character at roughly 45 to 50 percent of Manhattan Beach prices. That gap is the structural argument every El Segundo seller should make in negotiations. Your buyer is getting the same South Bay community feel, the same school district quality, and a better community-to-cost ratio than anywhere else in the area. Use this in your counter-offers.

El Segundo Schools: A Genuine Selling Point

El Segundo Unified is a small district of approximately 3,200 students across four schools. What makes it rare in Los Angeles County is not just the ratings -- it is the scale. When I show El Segundo homes to families relocating from larger suburban districts in the Midwest or Pacific Northwest, the most common reaction is genuine surprise that a public school district this size is operating at this level in LA. Teachers know students by name. Parents are involved. The community identity of El Segundo runs straight through the school system.

El Segundo High School's 10 out of 10 GreatSchools rating is a hard selling point for any home within El Segundo Unified's boundary -- which covers the entire city. U.S. News ranks El Segundo High among the best high schools in California. This rating matters to the corporate relocation buyer who is comparing El Segundo to other South Bay options before signing their employment agreement. A Culver City or Torrance home at a similar price will not offer the same district-wide consistency.

El Segundo High School
10
GreatSchools Rating
Grades 9-12 | ~1,200 students | Top 5% California
El Segundo Middle School
8
GreatSchools Rating
Grades 6-8 | ~600 students | Above State Average
Center Street Elementary
9
GreatSchools Rating
Grades K-5 | Small class sizes | Highly rated
Seller Strategy: Lead With Schools for Relocation Buyers

When your listing targets corporate relocation families (Boeing, Mattel, Raytheon), feature El Segundo High's 10/10 rating in the property description -- not just in supplemental materials. Relocation coordinators specifically ask families which school districts they are willing to accept. Being in El Segundo Unified is often the deciding factor between accepting an El Segundo home and accepting one in Hawthorne or Torrance at a similar price.

The Honest Pros and Cons of Selling in El Segundo

I have been selling homes in the South Bay long enough to know that buyers who feel misled by a listing description do not make good buyers -- and they do not make offers. El Segundo has genuine strengths and genuine challenges. Here is the honest version of both, and how I work with them in every listing.

✓ What Works in Your Favor

  • 10/10 El Segundo High -- highest-rated South Bay public high school in the peer group
  • Independent city: no Measure ULA, no LA City transfer tax surcharge
  • Small-town Main Street identity -- genuine community, not marketing language
  • 5.5 sq mile city with constrained inventory (23-30 homes active at any time)
  • Corporate campus cluster within walking distance: Boeing, Raytheon, Mattel HQ, Chevron
  • Beach access: The Strand and Manhattan Beach Pier accessible by bike in under 15 min
  • Well-zoned: no industrial bleed into residential areas unlike parts of Torrance or Hawthorne
  • Almost entirely SFR market -- clean comps, no condo dilution in pricing
  • +18.1% year-over-year price appreciation in March 2026 (Redfin)

✗ What Buyers Will Push Back On

  • LAX flight noise: west of Sepulveda and north of El Segundo Blvd hear significant overhead traffic all day
  • Chevron refinery: south-side streets near the facility require disclosure and limit buyer pool
  • Limited walkable retail: Main Street is genuinely charming but not dense -- buyers used to Brentwood or Silver Lake may be disappointed
  • Small city, small inventory: if your home sits on a noise-impacted street, you cannot easily "blend in" with 200 comparable listings
  • No condo or townhome stock: limited entry-level price points mean narrower buyer pool for lower-priced detached homes
  • HOA: some newer builds have HOAs but most ES SFRs are HOA-free, which is a positive for buyers but requires transparency on maintenance responsibility

How to Price Your El Segundo Home to Win in 2026

In my 13 years working South Bay listings, I have seen El Segundo sellers make two distinct pricing errors: overpricing the west side as if it were east El Segundo, and underpricing east El Segundo homes because they anchored to the citywide median rather than their specific block. Both errors cost sellers money. The fix is a zone-adjusted CMA that controls for noise exposure, lot size, and the specific street, not just zip code or city median.

The three-tier pricing framework I use for El Segundo listings accounts for your motivation, your timeline, and your property's specific position. Aggressive pricing (101 to 103% of estimated market value) works for east El Segundo homes with strong school proximity, low noise, and move-in condition. Market pricing (97 to 100%) works for mid-city homes with typical noise exposure and standard condition. Motivated pricing (93 to 96%) is the appropriate starting point for west-side noise-zone homes or refinery-adjacent south-side properties.

If Your Goal Is
Maximum price, willing to wait 45-60 days
Strategy
Price at 100-103% of CMV. East El Segundo, good condition, any street. Target corporate relocation buyers. Allow time for the right offer.
If Your Goal Is
Sold in 30 days or less, competitive price
Strategy
Price at 97-100% of CMV. Stage the home. Launch Thursday for weekend showings. Maximum active marketing during corporate relocation season (Feb-May).
If Your Goal Is
Quick close, noise-zone or refinery-adjacent property
Strategy
Price at 93-96% of CMV. Proactively disclose all noise and proximity factors. Target buyers who work at nearby campuses. Competing with silence on a busy street rarely works.
Disclosure Strategy: Lead, Don't Follow

El Segundo sellers are required to disclose LAX airport proximity through the Transfer Disclosure Statement. For homes near the Chevron refinery, proximity disclosure is also required. My consistent advice: get ahead of it. Buyers who discover a disclosure issue after they are under contract are more likely to use it as a negotiating tool or a reason to cancel. Buyers who see it disclosed upfront have already priced it in -- and are less likely to renegotiate.

Get Your El Segundo CMA Before You List

A zone-adjusted comparative market analysis based on your specific street -- not just the citywide median -- makes the difference between a price that moves fast and one that sits.

5 Mistakes El Segundo Sellers Make in 2026

I have watched El Segundo sellers leave $50,000 to $120,000 on the table through avoidable errors. These five mistakes come up repeatedly, and all of them are fixable before you list.

01
Pricing to the Citywide Median Instead of Your Zone
The $1.6M citywide median means very little to a buyer looking at a west-side home under a flight path. And it undersells an east El Segundo home on a quiet block near the high school. Zone-adjusted pricing on your specific street is the only CMA that matters here.
02
Burying the LAX Disclosure Instead of Leading With It
Hiding noise disclosure until the buyer's attorney review does not prevent the issue -- it creates a renegotiation event. Sellers who disclose fully in their marketing materials attract buyers who have already accepted the noise factor. That is a more committed buyer.
03
Not Targeting Corporate Relocation Networks
Boeing, Raytheon, Mattel, and Chevron all have formal relocation coordinator networks. Sellers who list on MLS only miss the segment of buyers who are pre-approved, motivated, and actively asking their HR department for El Segundo housing recommendations right now.
04
Failing to Feature El Segundo High's 10/10 Rating
The single most important line in your property description for family buyers is the school rating. "El Segundo Unified -- El Segundo High School 10/10 GreatSchools" should appear in the description body, not just a reference link. Families making relocation decisions search school districts before they search zip codes.
05
Ignoring the Small-Town Identity as a Marketing Asset
El Segundo is nicknamed "the friendliest city in LA" for a reason. The Main Street Farmer's Market, Library Park events, and neighborhood walkability are not generic lifestyle features -- they are specific differentiators from every other sub-$2M South Bay option. Buyers who discover El Segundo's community character mid-tour often make offers over list price. Lead with it.
06
Not Mentioning Measure ULA Exemption in Negotiations
When a buyer tries to compare your net proceeds to what they read about LA City sales, the Measure ULA exemption is a concrete, dollar-denominated answer. On a $1.6M El Segundo sale vs an equivalent LA City sale above applicable thresholds, the seller keeps significantly more. Use this number in counter-offer conversations.

What Will You Net After Closing Costs in El Segundo?

The honest answer to "what do I take home?" depends on three things: your sale price, your remaining mortgage, and your closing cost structure. What I tell my El Segundo sellers is to start with the sale price and work backward. Below is a realistic estimate at three price points for a home sold with a 5% commission structure. El Segundo sellers benefit from the Measure ULA exclusion -- these estimates reflect LA County transfer tax only ($1.10/$1,000), not any additional city transfer tax.

Sale Price Agent Commission (5%) Transfer Tax (LA Co.) Escrow / Title Estimated Net (pre-mortgage)
$1.35M $67,500 $1,485 ~$3,800 ~$1,272,215
$1.6M $80,000 $1,760 ~$4,200 ~$1,514,040
$2.0M $100,000 $2,200 ~$5,000 ~$1,892,800

These are estimated figures for illustration purposes. Actual costs vary based on negotiated commission, specific title company, HOA transfer fees (if applicable), and any seller concessions. Consult with your agent for a transaction-specific net sheet. LA County documentary transfer tax: $1.10 per $1,000 of sale price. No Measure ULA applies to El Segundo sales.

$54,240
Estimated Measure ULA savings vs LA City on a $1.6M sale (Measure ULA rate: 4% applies above $5M; LA City base transfer tax difference above applicable thresholds). El Segundo sellers pay only $1,760 in county transfer tax on a $1.6M sale.
El Segundo Seller Quick Reference Guide
If you want maximum price... List east of Sepulveda, strong condition, corporate relocation season (Feb-May)
If your home is noise-impacted... Disclose proactively in listing, price at 93-96% CMV, target aerospace buyer who works nearby
If you are near the refinery... Complete TDS refinery proximity disclosure, price accordingly, do not fight the buyer pool -- find the right one
If you want to sell in 30 days... List Thursday, launch weekend open house, ensure school district info is front-loaded in description
If your buyer compares to MB... Point to 10/10 schools, small-town identity, beach proximity, and 45-50% price gap to same quality of life
If your buyer raises LAX noise... You already disclosed it. Remind them: $40K FAA soundproofing upgrades available for eligible homes, Boeing employees live here by choice
Transfer tax comparison vs LA City... $1,760 on $1.6M sale (LA Co. only, no Measure ULA) vs potentially much higher in LA City
Best time of year to list... Late February through May (corporate relocation season), then September-October (fall corporate transfer window)
Median sale price (March 2026)... ~$1.6M citywide; east El Segundo $1.65M-$2.2M+; west side $1.1M-$1.55M
El Segundo High School... 10/10 GreatSchools -- feature this prominently in every buyer-facing description

El Segundo Home Seller FAQ: 2026

Does LAX flight noise significantly affect El Segundo home values?

Yes, and the impact varies by location. Homes west of Sepulveda Boulevard and south of Imperial Avenue sit under the heaviest flight corridors and can see a 10 to 15 percent discount relative to equivalent homes on quieter streets in east El Segundo. The FAA has funded soundproofing upgrades for eligible properties near LAX, which is worth mentioning in your listing disclosures. I always advise clients near Imperial Avenue to price this honestly rather than hoping buyers will not notice.

Does Measure ULA (the LA mansion tax) apply to El Segundo home sales?

No. Measure ULA applies only to property sales within the City of Los Angeles boundaries. El Segundo is an independent incorporated city. Sellers here pay only the standard Los Angeles County documentary transfer tax of $1.10 per $1,000 of sale price. On a $1.6 million sale that is $1,760, not the $56,000 or more that Measure ULA could trigger in LA City at higher price thresholds.

Who are the typical buyers for homes in El Segundo?

El Segundo draws a tight cluster of buyer types: aerospace and defense professionals from Boeing, Raytheon, Northrop Grumman, and Aerospace Corporation; corporate relocations from Mattel, Chevron, and Kite Pharma; tech workers from the growing South Bay startup cluster; and South Bay families priced out of Manhattan Beach looking for the same small-town feel at a lower entry point. Understanding which segment is most active when you list determines how I position your home.

What are the best streets and neighborhoods in El Segundo to maximize sale price?

East El Segundo -- especially the blocks between Grand Avenue and El Segundo Boulevard east of Sepulveda -- commands the highest prices. Streets like Virginia Street, Penn Street, and Arena Street in east El Segundo are quieter, farther from the flight path, and see the strongest buyer demand. The downtown area near Main Street and Standard Street is popular with walkability buyers. West-side addresses near Imperial Avenue and Mariposa Avenue are priced lower due to noise proximity.

How long does it take to sell a home in El Segundo in 2026?

As of spring 2026, the average days on market in El Segundo is approximately 33 to 53 days depending on price point and location. Well-priced homes in east El Segundo with minimal noise exposure can see offers in 2 to 3 weeks. Homes priced above $2 million or those near the LAX flight path may sit 60 to 90 days. Accurate initial pricing is the single biggest factor in reducing days on market.

Is El Segundo part of a good school district?

Yes. El Segundo Unified is a tight, well-regarded small district. El Segundo High School holds a 10 out of 10 GreatSchools rating, which is a genuine selling point for family buyers. The district serves roughly 3,200 students across four schools. The small size means teachers know students by name, which is a quality-of-life argument that resonates with relocating families comparing El Segundo to Torrance, Hawthorne, or Culver City at similar price points.

What is the best time of year to sell a home in El Segundo?

Late February through May is the strongest window. Corporate relocation packages from Boeing, Raytheon, and Mattel tend to activate in Q1, and those buyers need to be settled before the school year. Aerospace hiring cycles also produce buyer activity in January through March. Summer sales are steady but slower. Fall is the second-best window as corporate transfers complete before fiscal year close.

Ready to List Your El Segundo Home?

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JB
Justin Borges
DRE #01940318 • The Borges Real Estate Team • 130 N Brand Blvd Ste 120, Glendale CA 91203

In my 13 years selling homes across LA, I have focused on the South Bay and greater Los Angeles County markets with a specialization in seller strategy, probate, and trust sales. $200M+ in closed transactions. I work with sellers in El Segundo, Manhattan Beach, Redondo Beach, Torrance, Hawthorne, Culver City, and throughout Los Angeles.

What I bring to El Segundo sellers specifically is an honest, zone-by-zone pricing approach that accounts for flight noise, refinery proximity, and the corporate buyer demand patterns that drive this market. I do not price every El Segundo home the same way. I price the address.

Justin also founded The Answer Engine, helping local businesses show up in AI search platforms like ChatGPT and Google AI Overview.

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Ready to Sell Your El Segundo Home?

Get a zone-specific pricing strategy, proactive disclosure guidance, and a direct connection to South Bay corporate relocation buyer networks.

  • ✓ Zone-adjusted CMA -- priced to your street, not the citywide median
  • ✓ Corporate relocation network outreach to Boeing, Raytheon, Mattel, Chevron HR
  • ✓ Proactive disclosure strategy that builds buyer trust and reduces fall-throughs
  • ✓ No Measure ULA -- every dollar in your net proceeds column belongs there

Or text Justin at (213) 262-5092 for a faster response. DRE #01940318.

Justin Borges | The Borges Real Estate Team

DRE #01940318 • 130 N Brand Blvd Ste 120, Glendale CA 91203

(213) 262-5092lametrohomefinder.com

This content is for informational purposes only and does not constitute legal, tax, or financial advice. Market data sourced from Redfin (March 2026), Zillow, GreatSchools.org, and public records. All data subject to change. Consult a licensed professional before making real estate decisions.

© 2026 The Borges Real Estate Team. All rights reserved.