Research On The Problems And Improvement Of The Real Estate Appraisal Methods

Nowadays,the main real estate appraisal methods in our country are comparison approach, income approach and cost approach. These three evaluation methods have different theories and calculation parameters. In the actual application of appraisal work, there are some problems. For example, the value of parameters calculated by a certain approach is not clear and the lack of strong evidences. These problems produce many defects of evaluation results and results in a lack of authority and recognition. Meanwhile, it will also impact economic interests of correlative litigants. And it will be difficult to make a professional explanation for appraisal service in latter period. Basing on the situations stated above, this thesis explores the application of real estate appraisal methods, brings forth the existing problems when using three appraisal methods and proposes suggestions to improve these methods. The main research contents and results are as follows:(1)Problems when using comparison approach are as follows:There are subjective factors in the selection of comparable transactions; price impact factor correction is too simple and subjective; the final evaluation results are roughly calculated; real estate bubble has a lot of impact on the valuation results. These problems are analyzed and explored in this paper. Aiming at "there are subjective factors in the selection of comparable transactions", Delphi Method is introduced. After improvement, the price impact factor correction calculation process is more scientific and reasonable, and the results are more close to the market value.(2)In the application of income approach, the selection of the income method is poor, the calculation of the net income is controversial and the value of the rate of return is poor are the main issues. After analyzing and exploring these tress problems, in view of the problem that the rate of return is poor, the capital asset pricing model is introduced to improve method for calculating risk adjusted value in the return rate measurement. After improvement, the calculation process of the payback by income approach is more scientific and reasonable, and the result is more close to the market value.(3)Comprehensive assessment measurement and divided assessment measurement and calculation problem, construction installation cost value lacks basis, profit rate of the value basis is not sufficient and the rigorism of determination of the newness rate is poor are the problems exist in the application of cost approach. In view of the problem that the rigorism of determination of newness rate is poor, the fuzzy comprehensive evaluation model is introduced. After improvement, the calculation progress newness rate using the cost method is more scientific and reasonable, and the evaluation results are more close to the market value.After analyzing, discussing, exploring and improving the application of these approaches, the results are as follows:the calculation details are perfected, which makes the evaluation results are more close to the market value, moreover, makes the evaluation of the results more convincing. There is theoretical and practical significance in real estate valuation.