Don't let the potential buyers know you have an offer on another home. It's none of their business and they'll use the information to negotiate against you.
Have your agent counsel you on timing to be sure you don't lose the other home because of a deadline in that paperwork.
Cathy Barton, Broker
Allison James Estates and HomesÂ®
Direct Line: 585-586-8850
It is likely that although low, that offer may be a true indication of market value.
Because you have a contingent offer I would make sure that if you do not see more showings in the next week that you reduce the price.
It sounds like you've had real good activity.
However, recognize that most of the activity is likely to occur during the first couple of weeks of a listing. It's great that you already received an offer. You don't provide enough details to suggest whether the offer was good, other than it wasn't what you wanted. Sometimes people look back in regret at that first offer they turned down. And that raises a question: How motivated are you? You say "VERY" and you should be if you have a contingent offer on another house. In that case, your first priority should be to sell your present home for an amount you can live with, not "want to get the most $ for our current house."
What did your Realtor say?
And, umm, an offer on another home in THIS market contingent on the sale of your present home? Bluntly speaking, that wasn't the best idea in the world. (I know, I know. You fell in love with the new home. You just had to have it. Still, not a good idea.)
If you think you're motivated now, consider how you'll feel with about 7 days left on the contingency on the new home.
It's fine to sell your present home for a reasonable price. And if there's a certain bottom line that you absolutely need in order to be able to buy the new home, then, yes, you have to stick with it. But the statement that you "want to get the most $ for our current house" doesn't sound right in the situation you're in.
So, to answer your question, your activity probably is quite good. Determine the need for a price reduction (when and how much) based on the level of activity for the next few weeks.
I would have to say that activity varies from area to area, condition and price. Your activity seems pretty good without knowing more info! I see that this questions was asked a couple of months ago, so I hope that you have sold by now or have reduced to get more action and a qualified buyer!