Do we need to pay a cancellation fee?

At first my wife and I were planning to sell our restored house in Florida with three bedrooms and 2 bathrooms. It is along the seashore of Miami Beach. The view is perfect for summer vacation. We have already signed a contract to sell our home. However, we changed our minds and we don't want to sell it because the kids love the house. Can we get out of selling our house? Do we need to pay a cancellation fee?