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Could you guys tell me which one is correct?

  1. We are having an open house.
  2. We are holding an open house?
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Both are correct. "Having" and "holding" apply to events in general -- an open house, a party, a lecture, etc. "Hold" is usually limited to events where the subject has some role greater than attendee -- you and I may have a meeting, but you (as host) hold an open house. Or have; that's not incorrect.

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They are both correct.

"have" is correct in multiple definitions of the word, such as to allow or experience, etc.

"hold" is correct using this meaning of the word:

to hold: to assemble for and carry on the activity of (held a convention); to produce or sponsor especially as a public exhibition (will hold an art show)

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