The value does vary geographically. In some areas, they actually can help sell houses. (I once owned a condo that was sold via an open house.) However, most agents consider them relatively ineffective (and a large investment of time) in selling that specific property.

Barb,

In our area doing open houses not only expand our customer base but we do on occasion have the opportunity to write contracts.

In the Venice they are viewed as an important part of the overall marketing plan by most people.

I agree with Barb, and in the rural and small town areas the neighbors don't even stop by. I think they show the seller and prospective sellers that you are working for your client. But they are just another advertising tool and I don't think I have ever sold a house from an open house. Also I think if you can you should not sit alone at them, they are sometimes lonely and potentially dangerous.

An open house when your property is first placed on the market can be very important, but not for the reasons most homeowners think. Just like with advertising, most visitors to open houses rarely buy the house they come to look at. They may not even know the price of your home when they stop by to visit – they probably just followed an "Open House" sign to your door.

An open house performs a similar function to the neighborhood announcements – it lets all of your neighbors know that your house is for sale, and it practically invites them to come "take a look." Being generally nosy, a lot of your neighbors will take advantage of the invitation.

And they may tell their friends about your house, creating more "word of mouth" advertising.

Of course, there are other reasons for holding open houses, too. Listing agents who "farm" a particular neighborhood use them as an opportunity to meet with other local homeowners who will someday be selling their home. Your agent may hope to list their homes in the future.

Open houses held after your home has been on the market awhile do not usually serve a useful purpose in selling your home. Most of the neighbors already know your house is for sale and open house visitors rarely buy the homes they visit.

However, if you really want more open houses, your listing agent may allow other agents to hold it open. Open houses attract prospective homebuyers and agents hope to convince some of those homebuyers to become their clients.