PS4 release date November 2013: XBox One on the ropes as Sony increases sales forecast amid preorder sales

The demand for the latest consoles, particularly Sony's Playstation 4 has been high, with the launch edition pre-orders already being sold out on Amazon.

The PS4 and Xbox One are both slated for a November 2013 release date, just in time for the frenzied holiday shopping season.

Gamers will be looking to treat themselves to one of the two consoles, with each coming with its own perks and exclusive games.

Early preorder stats show that the PS4 pre-orders is outselling the Xbox One, particularly because it is undercutting Microsoft by a whopping $100. Sales are reportedly going up so fast that Sony has increased its internal forecast for the console.

The Playstation 4 is on sale for $399 while the Xbox One is going for $499, the highest priced console yet to be offered by Microsoft.

But Microsoft's high price is partly due to the fact that it already comes with the Kinect sensor.

For Sony's PS4, the motion sensor, the PS4 Eye Camera, is being sold separately for $59.99.

The PS4 will allow gamers to trader, sell, lend and keep games that are based on discs from the previous consoles. Disc-based games also do not need to be connected online to work. Sony Computer Entertainment of America President Jack Tretton said at the E3 conference that the console "won't impose any new restrictions" on pre-owned titles.

Microsoft's policies for lending and reselling Xbox Ones games are more restrictive, which can also ward customers away from the new console. The console would also require internet connection at least once every 24 hours.

However, Microsoft's Xbox Live, the online network for gamers, is far ahead of its competitor.

Which console will you be buying for Christmas?