Phoenix is Overpriced - Ask Zillow, they are losing money

I don't think that this is a reflection of the overall market here in Phoenix, but rather Zillow's flawed strategy. They have been paying OUTRAGEOUS prices for homes in The Valley just to gain market share and now it is coming back to bite them. One of my colleagues in my office helped their client sell to Zillow instead of the traditional listing route because Zillow was giving them $30k+ OVER what the market could ever bring. For the seller, it made sense because they got the best deal possible, but for Zillow, they took a hit because now they have an asset that is WAY overvalued and no one will buy it for what they need to make a profit. 🤷🏽‍♀️