Historically and perhaps hysterically at times, participation in real estate is not as simple as some may think or say.  A sense of reality helps but will likely not solve this issue.  

To be in the position of winning bids, these days buyers (first-time or not) need to have deep pockets lined with cash and be brave enough to offer large downpayment. 

1. Connect with your referred, local REALTOR.
2. Let that REALTOR refer you to their trusted Lender partner (in my case Jason E. Gordon).
3. Get them started on a budget a.s.a.p. and also a plan if their budget is not currently meeting their purchase needs. Having a plan keeps them focused. 
4. Make a Top 10 list of 5 Needs and 5 Wants for their new home, and then have a reality check meeting with them about which are flexible.
5. Building relationships early in the process, sometimes months before they are ready to house hunt, has made all the difference in my relationships with my buyers and their process and results.

Get an idea of what's going on in your market.  If you are in a locale where houses for sale bring multiple offers, the winning bid is higher than list price, new listings sell the day they go on the market, then prepare yourself accordingly.  Hopefully you will be in a "normal" market where there is a decent selection of homes and you have time to shop.   You can visit real estate websites to learn about your market.*

Unless you are a cash buyer with deep pockets, your first step is to talk with a Lender.   If you are uncertain who to call or where to begin, start at your own bank or financial institution.

If you are new to Buying real estate, or if it's been a long time, visit a real estate attorney.  You don't need to shell out a $3500 retainer fee, but you should be willing to spend a few hundred bucks for a consultation.

Interview a couple of Buyer Brokers.  Make certain that you will have a Fiduciary relationship.  Without a signed Single Agent Notice in Florida (or whatever is appropriate in your State), you do NOT have the undivided loyalty nor confidentiality of that Broker.  Proceed with caution; many Realtors are very persuasive, likeable, and commanding.   Don't get swept away by a "personality".

Ask the Brokers you are interviewing what experience they have.  If they are brand new; ask who is mentoring them.

Don't sign ANYTHING without running it past your real estate attorney.  Again, very persuasive Realtors may tell you "It's the standard form used here; everyone signs it".   Your reply:  "If it's standard then I am sure my lawyer will approve".   

When you SIGN or initial a document (and you will see a lot of documents before getting the keys to your new house), you are probably liable for everything it says on every line, clause or paragraph on both sides of all pages of that form or paperwork.   (We've all seen the service manager at the car dealer hold the paper down on the desk while handing you the pen to sign it, because he doesn't want you to see the writing on the flip side...  be careful, you may encounter a similar situation in the real estate world).

  Your lawyer will review the document, and tell you exactly what you are getting yourself into.  (If a Broker balks at you taking the form to your lawyer, consider that a red flag).  

  * Open up Zillow and Realtor dot com.   See what is for sale in your market and in your price range.   Caveat:  those "Featured Agents" may NOT be the Listing Agent for that property.   That is not to say they are being unscrupulous or misleading; it is simply stating that their picture under that house you like may be their paid advertisement.  Another Caveat:  If you decide to create accounts on Redfin, Trulia, Realtor dot com etc. then use a throw-away email account, because they will send you listings for the rest of your life.

     As others have replied on this page, forget about chat boards and websites like Reddit, Quora, and ESPECIALLY "reality TV real estate shows".   That is not the way it happens!

I would start by advising them not to believe what they see on real estate "Reality TV shows" and proceed accordingly with a reality check on how home buying works in the real world. 

Get a good, strong, and kind lender. How much would you like to spend?

Choose a knowledgeable Realtor® with whom you feel comfortable and have good rapport.

Make your wish list known. 

Talk to a lender to see what they can afford in a reality based world.  Don't buy any big ticket items on credit while shopping for a home.  Pull money out of a volatile stock market and put it some place safe.

Stay ready. Choose right lender. Stay in price range. Never use Days On Market as a criteria for making an offer.

Lew Corcoran , as you know I am no longer current BUT I've always believed the best way for a newbie to navigate the market is to hire a well experienced real estate agent. 

Always team them up with a lender that will be a good fit for them.  Explain to them how I work with them to find them a 9 out of 10 for a home.  Guide them and be in contact lots.

Ew, baby buyers 😝

1. Talk to me

2. Listen to me

3. Only me

4. Go to your lender

5. Come back to me

5. This ain't HGTV it's not Reddit. It's not crowdsourcing to 10,000 of your best friends on IG. And it ain't a tik tok video.

If that's clear, then it's time to start

Lew Corcoran 

I am currently working with a first-time homebuyer. Being pre-approved with a good lender is a must, who can explain the differences in loan types.

The location of the home was important, we did travel at different times of the week so the buyer could experience the traffic and distance from work.

Also, I gave the buyer the time to drive around the blocks to make sure the buyer felt comfortable with the area. I quickly learned that my buyer wanted  two full baths and not just a one and a half, so it is important to pay attention to details when showing homes to a first time homebuyer,

My first time home buyer wanted a yard spacious enough to plant a garden and possibly have some chickens. After being careful of the location, price and must haves, we found the right house. We are currently under contract, so guidance continues, some negotiations have become favorable to my buyer. So far all is going well, hopefully we will be closing the first week in April.

Listen to those who know! Regrain from making large purchases that require loans or sudden increases in credit card debt

I would explain that to be competitive they should see if they have enough funds available should the property doesn't appraise for the contract price.

Make it clear that THEY are buying the house, and parental involvement is not part of the equation, even if providing financial help.  The parents can see the decision AFTER they are in contract.

Be sure they are pre-approved, sit with them and talk about what to expect, and their expectations.    Ensure they have a down payment and closing costs, and talk about where to start showing.

Plan at least 6 months in advance for budget, marketing and work issues,  new business means no time off so plan accordingly. 

Save 20% and avoid PMI and buy a good home warranty.

Getting pre-approved by a trusted local mortgage loan officer and selecting an experienced agent are two of the main factors for advice and success.

You have covered the necessities pretty well, Lew Corcoran       

Educating on the process, how to prepare, and setting expectations.

Be pre-approved, be ready to go above asking price, be ready to increase the threshold for major defect, consider appraisal gap waivers and put a sizeable good faith deposit down... AND have a great realtor at your side & be coachable!

In the perfect world a first time home buyer contacts an agent who works in concert with a mortgage broker who can examine several ways for the buyer to seek pre-approval. The buyer can then choose the path they feel most comfortable with. With the p[re-approval in had the search begins.

In the real word the navy first time buyer may have to seek out a mortgage broker with a plethora of funding sources who will take the time to explain all of the choices.

They really need to understand the market condition and not be out of sync with the market. If everything in the market is selling for 100% or more of the list price, then they buyer should not be expecting a ten percent discount and go out making offer based on that assumption. Sure, they might get one ten percent off but that one was probably ten percent over-priced to begin with.  Be in sync with the market is my tip for first-time buyers. 

Your question is loaded with answers thank you Lew Corcoran ...putting legs on all those actions make them happen. For me, tenacity & perseverance & the cherry on top? Do not DOUBT yourself with a second helping of NEVER GIVE UP...When I find a human on mission, I take note & learn

If you're not a cash buyer, the logical first step in the homebuying process is to get pre-approved. Not only does it help calibrate your search (i.e. we can all find homes we'd love to live in that are outside of our budget), but it will also help YOU, your Agent, and "opposing counsel" (Seller, Listing Agent) know that you can perform if your offer is accepted.

Within the pre-approval process should be substantial dialog about cash-flow, current debts, proposed payments, etc.).

Thank you for the shout earlier Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP 

Stay within your budget and allowing for any unexpected costs, repairs, during home ownership