Susan and Scott offer some very sound advice. I agree that your Realtor should be the one providing you with advice because they have all the facts, we do not.
Factors such as the length of time your home has been on the market, the number of homes with which you are competing, and the overall absorption rate of the market need to be taken into account (the number of homes like yours on the market compared to the number sold each month, gives a figure of so many homes selling per month - it that figure going up or down?).
You do have some options.
You could reject the offer outright
You could accept the offer with the contingency
OR you could be creative:
You could counter and make their offer one of Right of First Refusal. That means that you will continue to be looking for other offers, however if you get one you like, they have a set time frame to act, say 48 Hours, to decide if they really want to buy your home.
Accept the offer with the contingency, counter that you want their property listed at no more than 5% above the CMA price, and you expect them to reduce the price 5% per week until the home sells. Obviously you could modify the percentages, but the bottom line is that most homes do not sell because of price, and you want their home to be sold so you can move on.
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Do you have an agent? Your agent should be giving you advice about these things! There is an elevated level of risk with contingent offers just because there is an additional layer of "what ifs" to be determined and worked out now and in the future. And, stuff can always go wrong with an elevated level of risk.
I think you are asking whether or not to accept an offer contingent upon the sale and successful close of the buyerâ€™s current property. In this market, I would not reject a contingent offer. Make sure you and/or your agent does their diligence to make sure that the buyerâ€™s house is actually salable. Depending on how the terms are agreed, they can be very beneficial to you (the seller). Make sure you keep your house on the market and continue to market it to a â€œnon-contingent buyerâ€. I hope this helps, and best of luck!