Best time to purchase: last minute or in advance?

[oceania]

I'm sure this question has already been asked but I couldn't find it when I did a search.

I'm looking to book a hotel room in for Easter weekend but there's a few unknowns such as how many people will be going so I'm hesitant to book the room even though I'm getting a great price for a 4 star ($66/night). It's even gone down a few dollars since this morning. I'm wondering how long does it stay at that price usually? Can I wait a few days/weeks? Are better deals to be had in advance or last minute? I do have a backup reservation that's refundable just incase.

[AaronJB]

There is a discussion of this topic in the Frequently Asked Questions section.

As noted in the FAQ, there is no way to know for sure. It depends on time of year, traffic, and other factors. There have been users who have gotten a better price last minute, and others who have chosen to wait only to come back last-minute and find nothing in their price range.

My additional view is that there is a "floor" that most hotels likely have due to profit margins. The lower bound at many NYC properties during the slowest times of year, for example, often appears to be $100-105.

If a 4* property in a major city is in the $55-65 range, while it depends on the city, time of year, etc, one can guess that there's likely not much realistic downside and there could be notable upside if there is something going on or traffic for the holiday weekend comes in higher than expected.

Thank you for using the site's HOTWIRE or PRICELINE links to start your purchases and searches.