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My house went up on the MLS on Friday. We've had three showings so far - two on Saturday and one on Sunday. Apparently the Sunday person is interested and may submit an offer today/tonight.

There's not even a sign in the yard yet, and it may sell already! That's exciting.

I'm a little nervous about considering the offer and how to decide whether to take it, if it is lower than asking.

My situation is this: I bought the house in 2000. Paid $168K. Put down about $100K. I have paid off about $25K in mortgage. So I only owe about $43K on it. (Currently have a 12 year mortgage for 3.89%)

The realtor listed the house at $225K. We think this is a decent price, and maybe even a little low. The comps for the area that includes surrounding neighborhoods would probably have it listed a bit higher, but unfortunately a house really close to mine sold for only $185K within this past year. That house is smaller than mine, has a smaller lot which backs up onto a supermarket parking lot, and the kitchen is a lot smaller and a galley style.

Anyone looking at the two properties closely would know that mine is worth more, but on paper it seems like a big price difference if you don't look closer.

My realtor did also say that in the area homes are going for about what the city assessments for them are, and my city assessment is currently $222K.

I somehow have it in my head that I'd like to walk away with $160K cash, but I'd need an offer of something like $222K given commissions and fees.

My carry cost is about $1100 a month ($500 in mortgage, $400 in taxes, $200 in utilities). I can easily afford it. I'm living with my fiance (we're getting married in three months) and we both make pretty good money and have nice net worths and no debts (other than our mortgages).

So I can carry it as long as I need to. However, it is probably silly to carry it if the offer isn't that bad. I don't like making dumb financial decisions, even if I can afford to. Plus there's the hassle factor of having to maintain things - mow the lawn, etc. (It is only a few miles away so not a huge burden). And just because someone wants it right away doesn't mean other people would be lining up for it. Although personally I think it is a super great house (I'm very sad to leave it) and is in great condition.

Any thoughts on how low of an offer I should consider taking?
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