I don't believe that you should wait to start looking for a home, and here's why:
Yes, inventory is low, but there are homes coming on the market. If you wanted to be best prepared for when you do buy, be educated about the homes, neighborhoods, and buying trends in Fort Collins. The most effective way to get educated is to be looking now. Grab your Realtor, tell him or her what you're looking for, and have them send you listings as they come on the market (this can be done with an automated system, too!). If you're able to do so, get out and see some of these homes when they do come on the market - it's the best way to see what condition homes need to be in, in order to sell. Also, if you watch to see how fast they go under contract, you'll be very well versed with what homes are priced well and which ones are priced too high.
Second thing to do is to meet with a lender right away so you are prepared when that perfect home comes on the market. Having a pre-qualification letter in hand is one of the tools you will need in order to help you submit a successful offer on a home.
The last thing you need to do is have a talk with your Realtor to tell him or her exactly what your goals are - whether you want to buy now, or buy later, when you want to be in a home, and what price point you're comfortable with. If you don't currently have a Buyer's Agent working for you, I would suggest you find a good one and have these conversations. What the agent can do for you is ver valuable for you to be able to find the home you're going to love!
Feel free to write me if you have further questions. Additionally, I'd love to have the opportunity to interview with you, if you have not yet selected a Realtor to represent your best interests! Sean@HawaiianShirtGuy.com or 970-402-5642