An Open House is an old school tool to lure potential buyers into a listed home for sale. Personally I feel open houses are most as effective as they once were although on occasion they do work.
Face it. In a buyers' market, which we are in now, the buyer is somewhat in control. With that they want to be convenienced somewhat schedule wise. A buyer will request a private appointment that works for them rather than show on a set day between set hours. In a sellers' market, if you recall, 7 to 10 years ago buyers were just racing from one open house to another open house to be the first to bid on the house. Prices were climbing and home inventory was scarce. Today's market is the opposite. In a buyers market there is a larger inventory of homes and prices are down. It comes down to basic supply and demand.
As a realtor do we like open houses?
The short answer is yes. We like them in any market for many reasons. It is not out of the question to sell a home during an open house. We meet potential buyers that may allow us to work with them and look at other homes if that particular open house is not for them.
Also, open houses put us in front of the seller in a positive fashion. Although behind the scenes a realtor works very hard, sometimes the seller does not realize this and certainly does not see this. An open house is a way we can work with the seller in their home to show that we really are working hard for them.
A buyer should make it a point to get into any home if they feel they have interest as soon as possible to avoid missing out. You never know. It might be that special dream home!