The Research On The Improvement Of Market Comparison Approach To Real Estate Appraisal

The market comparison approach is a means of evaluating the real estate price with reference to the real transaction price of the similar real estate in the appraisal date. Compared with other approaches, the evaluation principle of the market comparison approach is easily understandable and the most important thing is that it can reflect market condition of the real estate in the process of appraisal, which make it the most common approach in the real estate appraisal approaches and recognized by the international appraisal community. The China Real Estate Code regulates that the market comparison approach must be adopted if conditions permitted. But the randomness of selecting comparative cases and subjectivity of the real estate condition adjustment in the practical application of the market comparison approach not only will make the appraisal result unreliable, but also may result in the moral risk, which can go against on the development of the whole real estate market. So how to scientifically make use of the market comparison approach in the real estate appraisal is a topic to be worthy of being studied and a problem to be urgently solved in real estate appraisal community.The article attempts to make theatrical research in three aspects:the content, code, and characteristics of real estate appraisal, and the factors affecting real estate prices, and the working principles, procedures and present situation of market comparison approach. The article also summarizes the major problems and difficulties arising in using market comparison approach such as the randomness of selecting comparative cases and the subjectivity of the real estate condition adjustment. So it's an effective method to set up quantitative analysis models and reduce the effection of human factors in the real estate appraisal process. This article mainly discusses the application of fuzzy theory in the market comparison approach and establishes the fuzzy mathematical model of the market comparison approach combining the newest research results of fuzzy theory in the base of the real estate appraisal theory. When determining the factors influencing the real estate price in the process of revising the region factor and the individual factor, the Delphi is used. When determining how similar the facers are, the Subordination function is used. When determining how important the factor is, the AHP is used. When selecting comparative cases, the similarity degree is used. At last, the article demonstrates the specific appliance of the new improved method taking the Lidong community evaluation for example.The article using fuzzy mathematical model to select comparative cases improves the feasibility and credibility of selecting comparative cases. Using AHP to determine the weight of regional factors Individual factors of real estate makes the real estate condition adjustment more accurate and improves the accuracy of the real estate appraisal results.