knowing when to accept an offer
My DH and I listed our house on June 1st. We are planning to build and our current house and new lot will be completely paid for next month. We have had two showings and one offer. That sounds great in this housing market, but we are not sure if we should accept the offer. Our house is listed for $98,500 and the offer is for $85,000. I know we can't expect full asking price, but this seems like a huge reduction for a house that was just listed. It is certainly one of the nicest in its price range for our area, but it does happen to be the nicest house in a not so nice neighborhood (other houses are older, smaller and on less private and smaller lots). We are afraid that if we keep giving counter offers, the prospective buyers may be turned off and go elsewhere. They started out with an offer of $85,000, and we countered with $90,000. However, we paid $66,500 eleven years ago and have put around $17,000 in and tons of sweat equity. I know with this time span, some of this work could be considered just upkeep. This is so hard, especially since this is our 1st home sale. I am a teacher though and would love to sell this house and move into a rental quickly before school starts back. I hate the thought of having the keep the house perfect for possible showings with my hectic schedule. I just don't want to miss out on extra equity that can be used to help pay for our dream home. Can anyone offer advice?