PHOENIX -- With nearly 27,000 homes on the verge of foreclosure in Maricopa County, one real estate company is launching a nationwide sales event.

Starting Oct. 10, Coldwell Banker said it will kick off its first-ever national "10-Day Sales Event." Participating home sellers from across the United States will reduce the listing prices of their homes by up to 10 percent.

A home listed at $300,000 may cost only $270,000 this weekend.

"Consumers are afraid to buy," said George Varrato of Coldwell Banker. "They are afraid of buying too high. If a property is priced appropriately, it's no longer too high and that becomes a bellweather for entire neighborhood."

Potential home buyers like Vickie and Will Heyward said it may be just the incentive they need to start writing up a contract. They said the one thing they keep noticing is many new homes are overpriced.

"Despite the difficult headlines regarding our overall economy, the residential real estate market has been showing several positive signs over recent months that could be signaling a tipping point," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate.

In a recent survey of 3,379 Coldwell Banker real estate professionals in markets across the U.S., 56 percent said that listing prices in their market remain above where they need to be to attract qualified buyers.

Additional findings of the survey include:

• 77 percent agreed that the majority of sellers in their market still have unrealistic expectations regarding the initial listing price for their homes.
• 79 percent agreed that homes in their market that are priced appropriately are attracting more buyers and moving more quickly.
• 76 percent feel that a 10 percent or less reduction in listing prices in their area is all it will take to help push these homes over the "tipping point" to a sale.

The sales event will run nationally through Oct. 19.