While traditional wisdom and seasonal good cheer dictate that houses don't sell in the run-up to Christmas, buyers hoping to find a dream home could end up saving a fortune if they're prepared to break the rules and buy in December.

Not only is the market seeing price reductions in the region of 50,000-plus (even 100,000) but buyers who put down offers now will also be in the best position to benefit from stamp-duty changes, if anything happens.

If, however, there are no stamp-duty changes, a 50,000 saving on the price of a house would result in a total wipeout of the effects of rising interest rates (including another possible rise next week), according to Frank Conway of Irish Mortgage Corporation.

"A house-price reduction of 50,000 means that your mortgage repayments would be less than if the rates hadn't moved at all over the last year [based on a 25-year mortgage at 4.6%]."

Equally, buyers who have been sitting on the fence over stamp-duty changes will need to be in a position to act fast.

The last time stamp duty was ammended, house prices went up almost immediately.

So those holding off from buying now in anticipation of Budget 2007 could find themselves doubly disappointed if they haven't started looking.

"If stamp duty changes, there will probably be a stampede back into the market in the New Year, so now is a good time to buy, " explains Martin Doyle, Douglas Newman Good.

"People who look now and put down an offer can close straight after the Budget if they really want to capitalise on the current situation."

Equally, buyers who have been sitting on the fence hoping for a glut of properties, nervous vendors and lower prices in the New Year, could be in for a rude awakening.

The last time the market was this uncertain was after 11 September 2001. But, as anyone who held off buying then will remember, rather than further price reductions the market took off unexpectedly.

"Far from waiting for January or February for a return of confidence, we're predicting that December will prove a pivitol month for sales, " says Paul Murgatroyd, economist with Douglas Newman Good.

Despite the market slowdown and the huge number of houses withdrawn at auction, (57% of properties failed to get hammered in the first six months of the year and this figure will be much higher for the final six months) agents have also warned buyers not to expect the current unprecedented levels of choice if you hold off for 2007.

Vendor Aine Maguire's situation for example, shows that while it's currently a buyers market, vendors still have options.

Although Aine's one-bed apartment in Avendale, Rathmines has been for sale since August, she is taking a pragmatic view of the propertymarket roller-coaster.

"I decided to take a realistic view on price when I put the apartment up for sale, " explains Aine.

"There was a bit of a price frenzy before the summer with similar properties in the area selling for around 470,000. But as August is traditionally a slower month and there were a number of other properties around for sale, I opted to price the apartment competitively."

Along with agents Sherry FitzGerald, Aine priced the well-located apartment, which is in walk-in condition and would be ideal for either owner-occupiers or investors, at 425,000, making it 45,000 less than similar properties in the location.

While uncertainty over stamp duty and the unexpected lull in the secondhand property sector have lengthened the sale, Aine is certain she will not be reducing the price.

"I believe this is what the property is worth and that there will be plenty of buyers at this price when the market takes off again. And if it doesn't, then this is still a very attractive rental property, so I have plenty of options."

Buyer's agent Karen Mulraney, on the other hand, is extremely bullish about the opportunities for bargainhungry buyers.

The key to getting a bargain is negotiating, explains Karen, who provides an extensive list of tips for buyers on her company website www. buyersagent. ie.

So how can buyers take full advantage of the market slowdown and get the best deal possible? We asked the experts for their top tips on where to look for value and how to get a bargain before Christmas.

Get personal

If you want a bargain, you need to ask a lot of questions.

"That means getting personal. Questions such as, 'What is the vendor's situation?' 'Are they trading up or down?' will help you devise a bargaining strategy, " advises Mulraney.

"If they are trading up chances are they require a certain figure to purchase their new home . . . ask 'What is their minimum sale figure?'" "This may not always be answered but there's no harm in trying. 'Are the vendors sale agreed on their new property?'

"If they are, they may be looking for quick sale-agreed status in order not to lose what they have found. 'Do they need the proceeds from this sale to purchase their new one?'

They may not which means they are in no rush and will be less flexible on price. 'When do they want to close?'

Bid quick and bid low

The golden rule with bidding is never to bid against your self, as this will cost you money. "Never offer the guide price as your first offer, keep the bids as low as possible, without insulting the vendor.

20,000 less than the guide is an acceptable offer. Even if the estate agent laughs at your offer and informs you it will not buy the house, they still have an obilgation to put your bid forward to the vendor."

Play hard to get

Don't be disheartened if your first offer is refused, adds Mulraney.

"Always bid the lowest price possible and then go up in small increments and do that slowly.

"It takes nerves of steel if you're really keen, but otherwise you risk the possibility of bidding against yourself."

It's currently a buyer's market and, as our featured properties show, some house prices are down by as much as 100,000, so don't be afraid to bid low and bid slow . . . you just might be lucky.

Check out the competition

You may not get an answer, but it's worth asking about the people you may be bidding against.

Are they a first-time buyer?

Have they finance in place?

Are they subject to sale?

If someone who is a less attractive buyer has just outbid you, you do not necessarily have to counter offer.

Stick to your original offer informing the estate agent that your offer still stands, as you are a more secure bet for the vendor advises Mulraney.

Go for a make-over, not the full monty

Most buyers want to move in right away and can't be bothered doing painting, rewiring or modernising. As a result, there could be more value in properties that look slightly out of date or where the decor or fittings are old fashioned.

According to Martin Doyle of Douglas Newman Good: "You can do well on property that needs a facelift or superficial work rather than going for the big refurbishments.

These are still more competitive as they tend to attract the interest of builders and more seasoned investors or developers."

The older the development the better Look out for older developments in well-established locations suggests Anne Raferty of Sherry FitzGerald. "There's a lot of good value to be found in apartments in dated developments at the moment.

"We've seen several apartments selling for 50,000 less than similar, neighbouring apartments would have at the start of the year. The other advantage for buyers is that these are often in the best areas and they can be completely transformed with a little modernisation."

If at first you don't succeed, don't give up

"I've found homes that were sale-agreed and months later were back on again at more amenable prices. It's a buyer's market right now . . . so if you don't succeed, go back, vendors are more likely to want to negotiate now, " says Mulraney.

Miles O'Donoghue of Lisney advises: "If someone sees a property that has been on the market since September or before, then the chances are high that the vendor will be in the mood to discuss price, particularly if they want to close before Christmas.