A little more information on open house values has to do with the ease in which they can be done. Many people don't want to plan that far ahead and spend the money on an advertisement for open house.
Our California agent who moved to Arkansas gave us good advice about that....this was also in early 80's. He had no customers in the new town. But he'd go to a new subdivision where there was new construction going on and he'd throw up a couple of pointers at corners and put up his open house sign in front of the open house. He'd go when he wanted and leave when he chose with no one dictating his hours.
There are dozens of cars full of prospective buyers driving in the new neighborhoods on weekends. We call them "tire-kickers" who like to look when there's no one looking at them. Sorta like people who go to car lots on Sunday if it's not open and shop cars.
These people will come in to open houses and you can pick up potential buyers.
I also did one very different approach on a house that just wouldn't sell. It was in a good safe neighborhood so each morning on my way to work I'd unlock it, put out the open house sign and leave it open. I'd pick it up and lock it up that afternoon. (The seller had of course moved but blessed my efforts.) Eventually the right person walked in, liked it and made their real estate agent sell it to them. She wouldn't have shown it to them otherwise. I put hand-outs in the kitchen and numbered them so I'd know how many had been picked up. I know this is risky and I don't advocate it but we were desperate to sell this house.
I know of two houses that have sold because of the open house on an afternoon, planned, but mostly they please the sellers and give you the chance to meet new buyers.
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