Is it a "buyers market" in Austin right now?

I am buying a house and I keep seeing/reading it's a buyers market and that there are TONS of homes for sale so I have the power, yet I don't feel that way. Many of the foreclosures are beat up and UGLY. If someone has a property in good/move in ready condition they want full asking price for it and are not negotiation alot. I have an offer in on a house but am considering backing out due to issues with the inspection. There doesn't seem to be alot of choices out there in my price range, neighborhood, that are move in ready. Should I work with the offer I have or wait unti something "better" comes along? I do like the house BUT what if I could get a better deal later?