I can testify...it's overwatering. I had a beautiful aloe for a few years. I, finally, decided to try to take care of my
plants instead of ignoring them. I seperated all the babies from the main
plant & repotted them all. Then, started watering them more & paying attention to them. Mine lost all the color, turned pink...I, eventually lost all but one little tiny one. I had it outside (thinking it needed lots of sunlight) but it seemed to get worse & worse. I brought it in & it has regained all it's coloring & is
growing new leaves. It's been in for a few weeks now & I haven't watered it even once.