The shopping holiday is just around the corner. That means it’s time to promise yourself to get those purchases done early this year . . . and still probably doing it late as usual. But if you’re planning to purchase the Xbox One, you may want to keep that promise this year.

The Xbox One console will be dropping to a starting price of $300 on November 2. The Sunset Overdrive bundle will also see a price drop to $350.

So . . . to all you parents out there who told their nagging kids last year, “I’ll get it when the price goes down.” Their wait is over.

There is usually a catch to anything that sounds so good, and Microsoft’s huge news is no different. The new price drop will only last until the January 3.

Hardly a catch at all really, unless you’re always late on your shopping. It’s safe to say that a lot of people out there who do not have the Xbox yet – but planned on getting one eventually – will finally be doing so over the next couple of months. Retailers can only stock so many of the gaming consoles, so don’t be surprised if the shelf above the $350 price tag is empty. Take a look at Amazon, where Xbox one bundles are already marked as sold out.

In June 2014, Microsoft dropped the price of the system from $500 to $400. That price drop included the removal of the Kinect sensor. Almost immediately there was an increase in demand. In late May, weeks before the June price cut, GameStop president Tony Bartel said they were already seeing a stronger demand for the Xbox One in their reservation program and increased dialog with PowerUp Rewards members. Another price cut – especially during the Christmas shopping season – could have an even larger effect.

I highly recommend shopping before Black Friday – the beginning of the push-and-shove shopping season. When you’re watching the news on Christmas Eve, hearing about a fight over the last Xbox One in stock, you can smile to yourself as you look at the nicely or not-so-nicely wrapped gift.

In the meantime the Playstation 4 is outselling the Xbox one by a 2:1 margin. If Sony joins in the pricing war by dropping PS4 pricing, we could be in for another interesting holiday shopping season among avid and not-so-avid gamers.