Remove the window valance. Is this a living room and dining room? Do you want a more contemporary look? Do you have inspiration pics? Do you want to keep that sofa, I'm trying to see a comfortable grouping of seating for a sitting area. Right now it appears the long sofa looks at a hallway, it might be nice to have a loveseat in front of the fireplace.

It won't take much to update the space. The biggest thing, to me, would be deciding what to do about the oak stained banister. Is there oak anywhere else in the house?

Curtains instead of swags, new chandelier, new entry light. It's a mostly neutral space. Your furnishings, accessories and art will determine the style direction.

I currently have no direction. I guess I’m looking for a pottery barn feel just not trendy. Maybe a modern farm look or traditional

Also unsure if what color couch to get as the walls are slightly peach in undertone although we can repaint

When I get overwhelmed by my choices it is easiest for me to concentrate on one thing and find something that I really love. A rug, an accent pattern, a piece of art. Let that set the tone for the room and then base your other choices on your inspiration piece.

Some people like to use design seeds for color palette inspiration. https://www.design-seeds.com/

You could use Houzz to create an idea book. Look through Houzz photos and save your favorite looks in your idea book.

https://www.houzz.com/photos/living-space-ideas-phbr0-bp~t_717

Just keep in mind that your floors and walls are warm-toned so cool grays will be hard to fit in the space.