7 tips for holiday shoppers

It's a buyer's market in retail, not just real estate.

A sagging housing market and a lingering credit crunch has economy watchers predicting a less-than-stellar holiday spending season this year. That may signal the coming of a blue Christmas for many retailers, but some red-hot bargains for consumers. To take advantage of this holiday buyer’s market, however, you’ve still got to shop smart. Here are seven tips for holiday shoppers.

1. Make a list….
And check it twice. Have backup gift ideas for every person on your list, so you don’t panic – and perhaps overspend -- if your first choice doesn’t pan out.

2. Comparison shop from home
You don’t have to feel like you’ve walked to the North Pole and back to find the best deals. Before you leave your house, do some looking online to get a good idea of what your planned purchases should cost. That way when you get to the mall, you’ll know if the first store you shop is offering a fair price, or if you should keep moving.

3. Look for online discounts
If you’re planning on buying gifts online, make sure you’re getting any discounts being offered. There are several websites that offer this valuable information, all wrapped up neatly in a bow just for you, by compiling discount codes and convenient links to online coupons from retailers.

4. ‘Twas the night before the sale…
It’s one of the oldest shopping tricks in the books – but it works. Shop after 6 p.m. the night before the big sale is supposed to begin. By that time, most retailers have already applied the planned discounts.

5. Make friends with the elves
Store staff can be as handy as Santa’s helpers when it comes to finding out about hidden bargains. Ask them if there are any upcoming sales on items you’re interested in buying, or if there are any special discounts for members of the store’s loyalty program.

6. Check for gift card strings
Gift cards are a great gift-giving option. Just make sure you read the fine print: some come with expiration dates and inactivity fees.

7. Skip the service agreement
Most consumer advocates advise against buying extended warranties on electronics and appliances, because in most cases they don’t break down within the typical three-year extended warranty window. And when they do break down, the cost of repairs is often the same as the cost of the extended warranty.