Are you in Middlesex, NJ? There are slightly different patterns with how buyers and sellers act in different regions. That is not to discount CJ's answer, as it was an excellent post and I fully agree.
In NJ, particularly in spring, we attract Northern NJ, Staten Island, NYC, and Brooklyn/Queens buyers who spend a lot of time at open houses. I have actually sold an open house to a visitor from out of the area who I met for the first time at an open house, so yes, they just might buy! I have sold other properties as a result of an open house. In a few cases, the buyer was working with their own agent, and I was more than happy to show them around the property, answer factual questions about the property, and refer them to their agent for advice on constructing their offer. So, I am firmly in the camp that open houses can and do sell homes. However, it is only one component in the marketing mix, and probably not the storngest component. Definitley worthwhile, but should not be relied upon too heavily.
In response to your statement that you are getting traffic.............If you are getting traffic, where is it coming from? Are they serious pre qualified buyers? How do you know? Other than the size being too small, were there any other comments?
Is your home an older home w/ smaller rooms, smaller closets, smaller bathrooms? This happens with mid-century and historic homes.....a lot! When I take a listing for a beautiful historic home w/ small rooms, tiny baths and closets, I tell my sellers from the word "go" to expect a high number of showings in relationship to offers received. Buyers look at photos and tours online, and they want to see the home, because it is beautiful.
Uh....this is where that word "charm" got nailed in the book "Freakonomics". There are some people out there who think the word "charm" means something negative. It's been a while, but I read Freakonomics 2x.
If your home is warm and shows pretty, but lacks the functional characteristics that today's buyer wants, you will have many people tour and provide a lot of positive feedback. They will "ooh and ahh" and say how wonderful things are.....and then, go buy something less worthy of the "oohs and aahs", but that makes life word better for them on a day to day basis.
You didn't say your home was older, or that you lacked size in the baths and closets. If my exact comparisons here are not applicable, keep in mind that that concept still applies. Buyers will be charmed by character, but more will buy function.
Is it the house total sq footage size that is too small? But the room sizes are generous? If so, ask your agent (or you if FSBO) tweak you advertising to attract a buyer who needs fewer rooms. *** Take note *** Do not violate fair housing laws by specifing familial status! You can write ad copy (or your agent) that appeals to the type of buyer that would appreciate the features your home offers. Example for a small house, 2 bedrooms with a large master bedroom: "This cozy 2 bedroom home packs a big punch with a master bedroom that will make you feel like you are on a retreat or vacation. It can easily hold a king sized bed, and you will still have room for a desk or sitting area." Just an example.
Best of luck!
Deborah Madey - Broker
Peninsula Realty Group