In an initiative aimed at streamlining the home buying and selling experience in the New York metro area, four top residential brokerage firms have joined forces to create the Tri-State Alliance, a partnership launched today to share exclusive property listings online.

The brokerage firms include: Halstead Property serving New York City, the Hamptons, Fairfield County in Connecticut, Hudson and Essex Counties in New Jersey and Columbia County in New York; Houlihan Lawrence serving Westchester, Putnam and Dutchess counties in New York;

Coach Realtors serving Nassau and Suffolk Counties of Long Island;

and Turpin Realtors serving Somerset, Morris, Hunterdon, Essex and Union Counties in New Jersey.

Each firm's exclusive listings will be searchable across all four brokerage websites, which collectively receive millions of visitors annually. The Tri-State Alliance brings together 68 office locations, more than 2,900 sales agents and nearly 8,000 exclusive listings.

"This move is unprecedented in our industry, and we are extremely proud of all of our efforts to develop this alliance that will better benefit consumers in a one-stop experience. This unique sharing and collaboration among independently owned and non-franchised brokerages developed from the mutual friendship and respect each brokerage has for one another," stated Diane Ramirez, President of Halstead Property.

"By combining our considerable resources, we are increasing the visibility of our exclusive listings which will help both our sellers and buyers," said Chris Meyers, a Principal of Houlihan Lawrence. "In addition, we are increasing the brand awareness of our individual firms in markets where we might not have a bricks and mortar presence. It's an extremely smart, efficient and effective way to further promote our companies and showcase our talented agents."

The four owner/brokers of each firm began discussing this unique and forward-thinking collaboration in early 2011. Last August, the four company owners met in the New York City offices of Halstead Property to formally begin the process. "Months of planning and collaboration went into making this happen, each brokerage, technical and marketing departments worked closely towards a single goal," stated Georgianna Finn, owner of Coach Realtors.

"We are excited to be a part of this wonderfully collaborative effort, the result of which is a comprehensive search tool that will prove invaluable to consumers in the tri-state region. In addition to providing high quality listing data from the various regions we cover, each of our websites offers valuable resources like community profiles, property videos and helpful tips for navigating today's real estate market," John Turpin, President of Turpin Realtors.

Halstead Property Halstead Property is one of the largest residential real estate brokerage firms in the metropolitan area. Headquartered at 499 Park Avenue, the firm has nearly 950 sales and rental agents located in 21 premier offices in Manhattan, Brooklyn, Riverdale, the Hamptons, Hudson Valley, Hoboken, New Jersey and Fairfield County, Connecticut. In addition, the Development Marketing Division of Halstead Property is the exclusive sales and marketing firm for many new developments in the tri-state area and through the Property Management Division, Halstead manages more than 18,000 residential units within 180 buildings. www.halstead.com

Houlihan Lawrence Houlihan Lawrence is the largest area broker serving Westchester, Putnam and Dutchess counties, and the 15th largest broker based on sales volume nationwide. Founded in 1888, the company has 24 offices and over 1000 agents. Houlihan Lawrence offers specialization in several key areas: Luxury Country Properties reaches beyond the local marketplace to attract discerning buyers from around the world; Global Relocation partners closely with local Fortune 1000 companies to provide full-service relocation assistance; Houlihan Lawrence Project Marketing works exclusively with and for developers of single family and multi-family projects. Houlihan Lawrence has a strong digital footprint and listing syndication to dozens of websites that offer local, regional and international exposure, reaching over 30 million buyers each month. www.houlihanlawrence.com

Coach Realtors Coach Realtors, founded in 1954, is a Long Island based residential real estate company with 18 office locations and more than 650 sales associates serving Nassau and Suffolk counties. Family owned and operated, Coach Realtors is an exclusive affiliate of Christie's International Real Estate, a division of the famed auction house, a member of Leading Real Estate Companies of the World ® and has been recognized by Who's Who in Luxury Real Estate for over 20 years. www.coachrealtors.com

Turpin Realtors Founded in 1960, Turpin Real Estate is an independent, family-owned agency with offices in northern New Jersey. Our outstanding, full-time sales staff is dedicated to providing the highest quality service with uncompromising integrity. Strategic network alliances and extensive marketing systems provide us with unsurpassed coverage for our clients regionally, nationally and internationally. Global reach, unparalleled local expertise and the flexibility of an independently owned agency are the hallmarks of our organization. www.turpinrealtors.com

A recent article from the Wall Street Journal details the reasons why purchasing a home is a good idea:

"Despite all the gloom, however, there are growing indications that it is a good time to buy. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable than they have been in years."

Click here to read the entire article.

Now is a great time to consider buying a home. Whether you're relocating, purchasing a vacation house or looking to become a homeowner for the first time, there are certain things you need to do before you even begin to look for a new home. Doing your homework before plunging into the house hunt can save you valuable time and energy.

Before you begin looking at homes, determine what you can afford to spend. "This may seem obvious," says Lawrence, Finn, Jr., CEO of Coach Realtors, "but it's a step that can lead to disaster if overlooked, causing you to waste time with homes you can't afford, or sparking arguments with family members about what your budget looks like."

Before you begin looking, sit down with all parties involved and set a realistic price range, including the amount of money you can afford to put down.

Once your budget is determined, make a list of what you're looking for. What type of neighborhood do you have in mind? Do you want to be able to walk into town, or are you looking for a private setting with lots of land?

Make a detailed list of the absolute necessities, like good local school systems, versus things you simply want, such as a modern kitchen for the chef in the family or a guest room for relatives. Finn, notes that "while both wants and needs are important, knowing the difference will help guide you in your decision making process. " Finn, stresses the importance of planning and talking about important details in advance, enabling you to weed out any possible homes that don't meet your criteria.

After listing your wants and needs, Finn, suggests talking to mortgage lender about your mortgage rate and figuring out an affordable monthly payment. "When looking at a monthly payment, you should always take into account unexpected expenses, such as medical bills or a job loss. Make sure you have enough emergency money saved to cover a few months' payments, should something go awry," suggests Mr. Finn.

It's also important to keep your credit in mind before you begin hunting. "There is nothing more heartbreaking than finding your dream home only to have the bank refuse to give you a loan due to credit," says Finn. If your credit isn't where it needs to be, spend a few months building it up before you begin hunting. "If your credit has really fallen, it can take up to two years to build it back up again. This is something you want to know before you begin searching for a new home," notes Finn, Jr.