An understanding of the current Austin market and reasonable expectations for how to proceed forward. The current volatility and extremely low inventory across a number of neighborhoods represents a significant challenge for buyers especially while creating extremely powerful leverage for sellers
The fact of the matter is that it is a very strong seller's market right now and there are a very large number of investors competing for homes and driving up prices in through large quantities of competing offers.
It is important to have more than one option and to understand your limits as a buyer in this market - falling in love with a house, making big plans, and then finding out it is likely to go significantly over list price (and thus out of your price range) can be heartbreaking, so make sure to work with your Realtor to do your homework and get an accurate idea of what to expect from a potential home - especially if it seems like a "can't miss" opportunity; it probably hasn't been missed.
As a seller, it's important to work with your Realtor to remain savvy to the changing marketplace and to be in the prime position to negotiate your property based on rising prices and unmet demand. A large part of this is determining who your "ideal buyer" is, based on who your home best appeals to (or who is most likely to see it as a strong investment) and determine the best way to market your home to reach out to and negotiate with these highly motivated buyers.