Cancelling my purchase contract on folsom ca home?

[Ramki D.]

Signed a purchase (600k, 1650sqft single family home in Folsom ranch)contract last year, plan is to get the down payment from heloc(2.5% apr until next year jan, after that it's variable). I also lock the interest of 4.2% for 10/1arm. Based on the current stock market and recession forecasts and job market, and potential correction in home prices in 2023, i am planning to drop now and wait and see. What do you all think?. Please share your thoughts