The Saskatchewan Real Estate Commission does not require you to list before accepting a private offer, so this is a financial decision, not a legal one. The real question is whether the certainty of a private deal is worth more to you than testing the market for a higher number.
With Saskatoon's benchmark home price at $444,700 per the Saskatchewan REALTORS Association, a quick comparable check against recently sold homes near you can tell you within a day or two whether the private offer is fair, generous or light.
Joel Dyck can run that comparison for you before you sign anything, at no cost to find out where you stand. Get your hand-reviewed valuation from Joel Dyck.