I will always do an Open House if my sellers wants one. It will make them happy and in return, I will feel that I'm meeting their needs.
The truth is serious motivated buyers are typically working with an agent and will schedule a showing, not attend an open house. The exception being for new construction neighborhoods.
hope this helps!
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My Blog: http://www.trulia.com/blog/jeanne_feenick_-_new_jersey/
Will a open house sell EVERY HOME, IN EVERY AREA, EVERY TIME? No but for homes that are in urban or suburban areas that are priced right and show well they can be very helpful.