Coldwell Banker Residential Brokerage is working with sellers to cut home prices by roughly 10 percent across Anne Arundel County and the nation.

Officials from Coldwell Banker said last week they expected more than 700 homeowners across the Baltimore metropolitan region and Eastern Shore to participate in the company's 10-day sales event that began Friday and ends Sunday.

Roughly 80 homeowners in Anne Arundel County have signed up to participate, they said.

During the sale, local buyers can expect to see price reductions in homes from Annapolis and Crownsville to Millersville, Severna Park and Pasadena.

Coldwell officials said the program is voluntary. The 10 percent reduction is a suggested guideline and the prices will vary above and below 10 percent depending on location.

For example, a Coldwell home in Annapolis that was previously listed for $535,000, will be available for an 11 percent decline to $481,500.

A Pasadena home listed for $475,000 is now $425,000, an 11.76 percent drop.

Kathy Davis, branch vice president for Coldwell's Church Circle office in Annapolis, said last week her office has 28 properties participating and "we've already sold one."

Some of the most significant home-price reductions include a $3 million home reduced to $2.5 million, while another priced at $3.75 million is now listed for $3.375 million, she said.

"I think it's very innovative, I think it's very creative," Ms. Davis said of the sale. "Ten percent is a very significant decrease. Right now the interest rates are so good, they're so competitive, it's a perfect opportunity for buyers to take advantage."

Tina Corner was just one of the local homeowners who signed up for the sale. She said she bought her waterfront home on Melvin Road in 1998 for $469,000 and upgraded the house extensively.

A single woman who runs her own business, Ms. Corner said she decided to put the home up for sale in July for $1.29 million so she could downsize into a condo or townhouse.

But Ms. Corner said she found that people seem to be waiting for something to change, whether it's prices falling or interest rates shifting.

So through the Coldwell program, Ms. Corner said she lowered her price by 10 percent to $1.160 million. She figures the 10 percent savings will provide a new homeowner with financing to upgrade the house or buy a new boat, she said. Already, Ms. Corner said she's received interest from consumers who want to buy instead of invest in the volatile stock market.

"It's a win for me as a seller, it's a win for the buyer and it's a win for the Realtor," she said.

Dr. Daraius Irani, director of applied economics for the Regional Economic Studies Institute at Towson University, he's never heard of such a real estate sale, but given the turmoil in the U.S. financial markets, he said he wasn't surprised either.

"It's a sharp change," he said. "It will be interesting to see how it plays out."

The company wants to mimic some of the success it had in Florida this spring when it held a similar sale and sold off $540 million worth of homes, said Dean Cottrill, regional vice president with a Coldwell Banker Residential Brokerage's Greater Baltimore Co.

Mr. Cottrill said it's unclear how the sale will do here because it's the first time that any company has held a national sale for real estate.

"Our hope is that this 10-day sale will bring buyers and sellers together," he said.