Buying a home in Blacksburg.

The market you are buying in

Prices depend most on the kind of home. Houses, townhomes and condos trade in very different ranges here, so start by deciding which you want.

Where the asking prices fall today: 1 under $200K, 17 between $200K and $300K, 21 between $300K and $400K, 19 between $400K and $500K, 30 between $500K and $750K, 24 between $750K and $1M and 12 at $1M or more.

Homes that sold in the last 12 months closed at a median 98% of their original asking price, and 61 of the homes for sale now have had a price reduction. Those two numbers tell you how much room there usually is to negotiate. The Blacksburg housing market page tracks them month by month.

Step 1. Know your numbers

Talk to a lender first. A pre-approval letter tells you what you can borrow and shows sellers you are ready. Bring it with every offer.

Your monthly cost is more than principal and interest. Add real estate tax, homeowners insurance, and association dues if the home has them. Real estate tax inside town limits runs $1.07 per $100 of assessed value for 2026, about $411 a month on a $460,455 home. The property tax guide has the details.

Step 2. Choose your agent

In Virginia, a real estate agent has to sign a written brokerage agreement with you before providing brokerage services. The agreement must have a definite end date (if it has none, it ends 90 days after signing), state the fee and how and when it is paid, and list the services the agent will provide.

Read it before you sign. Ask how long it lasts, what it costs you, and how either of you can end it.

Step 3. Find the home

Every home for sale in Blacksburg is on one page, updated every few minutes. Narrow it to houses, townhomes, condos, homes under $300K or homes near Virginia Tech. See what is open this weekend, and get an alert when something new lists.

Use recent sales to judge price. A home is worth what similar homes nearby actually sold for, and every neighborhood page shows its own sales.

Check the things a listing cannot tell you. Confirm the assigned public schools with Montgomery County Public Schools (the schools guide shows how), whether the home is inside town limits, and, if you might rent it out someday, the Town's occupancy limits (see living near Virginia Tech).

See what's coming to Blacksburg: new development and projects in the works, and follow what Town Council is deciding.

Step 4. Make an offer

Your offer is a written purchase contract. It sets the price, your earnest money deposit, the settlement date, and the conditions the sale depends on, such as your financing, an appraisal and a home inspection. Your agent writes it and presents it to the seller's agent.

The seller can accept, counter or decline. Once you both sign the final terms, the contract is ratified and the clock starts on every deadline in it.

Step 5. Inspections and disclosures

Virginia puts the burden of checking a home's condition on the buyer. Sellers give you a residential property disclosure statement published by the Virginia Real Estate Board. It says the owner makes no representations about the home's condition and advises you to do your own due diligence before settlement, including a home inspection.

1. 1

   Home inspection

   A home inspector looks at the structure, roof, systems and more. Your contract sets how long you have and what happens if you find problems.

2. 2

   Association documents

   If the home is in a homeowners or condominium association, the seller obtains a resale certificate from the association and gives it to you. Unless your contract sets a different period, you can cancel within three days of receiving it (or of ratification, if it arrived first).

3. 3

   Lead-based paint

   For most homes built before 1978, federal law requires sellers to disclose known lead-based paint hazards and give you a 10-day period to test, unless you agree in writing to change or waive it. Right now, 32 of the 122 Blacksburg homes for sale with a known build year were built before 1978.

4. 4

   Survey and zoning

   The disclosure statement also leaves lot lines, zoning and neighboring parcels to you. A survey and a call to the Town or county answer those questions.

Step 6. Appraisal, loan and settlement

Your lender orders an appraisal to confirm the home's value and finishes underwriting your loan. Meanwhile your settlement agent prepares for closing: the title work, the closing documents and the escrow of funds.

In Virginia, you choose the settlement agent. A seller cannot require a particular one as a condition of the sale.

Before closing, you do a final walk-through. At settlement you sign the loan and the deed is recorded. From a ratified contract to closing is about six weeks.

Recordation taxes, worked out

Virginia taxes the recording of your deed and your mortgage. On the $460,455 median Blacksburg sale with an 80 percent loan of $368,364:

Your purchase contract says who pays which closing costs. Your lender's Loan Estimate lists the other closing costs to expect.