No, that isn't correct.
While its lovely that you came to visit , I do think its time you headed back to home or head back to home ?
First of all, its is meant to be a contraction of it and is which is indicated with it's. Secondly, I do think sounds kind of funky, not sure if it is incorrect, but I would be skeptical and looking for another choie with I believe or something more concise. Thirdly, the last part of the sentence is completely nonsensical, you cannot be headed back to home or head back to home? you are saying the same thing. A better version of this sentence would like something like the following:
While it's lovely that you came to visit, I believe it is time for you to leave.
I hope that helps
-BP