After Shih (1992) deduced the pricing model of the pre-sales house under no-arbitrage market equilibrium condition, several literatures about that topic were continuously studied. But some issues are deserved to deeply investigate. Those issues are the deduction of installment model with compounding interest rate, the different attribute prices between pre-sales house and existing house, and the influence of implicit call option of pre-sales house resulted from the initial payment and installment. The purpose of this paper is not only discussing above issues, but also rectifying and extending the valuation model of the presales house.