First witnessed a tiny blinking light very high in the sky and thought it was a plane.

Upon further examination the lights were blinking sporadically and not in any particular order (Red, Blue, and White).
Then as I scanned the sky, I saw a giant white orb of light hovering in the distance fairly close to the ground (it was further away but from my angle it was almost level with my neighbor's roof). 
My sister and I watched that light for about three minutes then it began to shrink and move sporadically.  
It started blinking just as the other one had and quickly moved out of our line of vision.