Research On HEDONIC Model In The Mass Appraisal Of Commercial Housing

With the development and improvement of China’s real estate market, realestate tax, urban renewal, demolition compensation and other issues have becomethe focus of people’s attention. These hot issues relate to numerous aspects, one ofthe most difficulties is how to assess commercial housing prices.Mass appraisal is a popular method in the current international real eatatemarket. This method can not only one-time assess large quantities of the target in ashort time, but also guarantee the fairness and accuracy of evaluation results.Many developed countries already have mature computer aided mass appraisalsystem, and achieved certain success in the application process. In China, in orderto solve this problem, we must establish a suitable and highly effective real estatemass appraisal system while our national conditions should be taken into account.In this paper, first, based on the research achievements of mass appraisal andin support of hedonic theory, combine the actual situation and transactioninformation of commercial housing in area(JT) during recent years. Second,scientifically quantified the characteristics of commercial housing, initiallyestablished the Hedonic model, then estimated and test this model. Third, finalizedthe best model for the mass appraisal research of commercial housing in a rea(JT).The results showed that: Hedonic model can be used to the mass appraisal researchof commercial housing, and the main factors affecting the price are that parkingspaces, building size, age of the building, floor area ratio and other factors.Therefore, we should focus on considering these factors in the mass appraisalresearch of commercial housing, and improving the information of commercialhousing, making the assessment results more accurate. While the model isavailable, but there will be errors among the model’s assessment results, whichrequires dispute resolution system to safeguard the legitimate rights and interestsof the public. Finally, this paper made some reasonable proposals for establishingthe mass appraisal system of commercial housing in China. Hoping this paper canprovide a reference for other cities or other areas of assessment studies, which alsomake a case for developing the mass appraisal practice.