The Austin-area housing market is an extreme sellers' market right now. Housing stock is very low - you will not find many houses available at any one time, and they disappear quickly. Successful offers are well over list price, with protections for the buyers (like the appraisal contingency) limited. Sellers are also looking at (or guessing at) the strength of potential buyers' finances as a factor in which offer to accept.
There's no harm in seeing what kind of mortgage you'd get approved for, or in watching real estate listings in your price range. I would not personally jump in now as a first-time buyer. Prices may not go down much, but a buyer's market would give you more options for location and condition, more time to think before making an offer, and a better position for negotiating terms.
Another thing to consider - you mention valuing flexibility and free time. MMV, but in my opinion owning a house is basically a major hobby: expensive, time-consuming, or both. And a lot of houses in your price range (which is similar to mine) will be older and due for work. There is something to be said for letting the old roof, HVAC, furnace, appliances, etc. be someone else's problem.