It’s the theory that modern residential real estate is a blend of economics and psychology. This means that expectations, communication, and risk-sensitivity are equally as important as location, price, and the functionality of the real estate. The consumer’s perception of value interweaves all of these concepts based on their own experience, knowledge, and the interpretation of the data available to them.
A pun on Einstein’s famous Theory of Relativity… Chambers Theory is a Theory of “Real-Estativity”: Property values are relative to the available alternative consumer choices at the time the consumer is evaluating the marketplace. Restated: Recognizing there is a strong element of subjectivity; The exploration of options and comparing the alternatives is therefore the best determination of value to the customer.