Slim pickings, high prices in Twin Cities housing market

It's slim pickings for those looking to buy a house in the Twin Cities right now, a key factor in  12 percent dip in sales over the past year.

That means higher prices and more competition for the houses that are left, making the process difficult for many first-time buyers or those with lower budgets.

"I mean really, to find a property that you want right now is a full-time job," said Kelly Menard, a first time homebuyer. "You have to be looking constantly and ready to jump at moments notice just to have a chance."

And she isn't alone in her frustration--in March-there were 8,289 homes for sale in the Twin Cities, down 26.1 percent compared to last year.

"It’s absolutely insane, we’re getting houses that are hitting the market and are having 30 to 40 showings and 25 offers on them within hours," said Twin Cities Realtor Nicole Skaro. "It’s just a big mess."

In a market like this the best thing for potential home buyers to do is sit tight--something Menard says is easier said than done. 

"At this point I’m waiting it out," she said. "I’ve stopped looking."