We need to see all four sides and adjoining spaces. What's next to the dining pieces and are you keeping them? What's your budget? Do you have children? Did that wall paint come with the house? (It's pretty dark. Is it dark gray?) Does the TV have to be above fireplace? Need more visuals and details.

Here is how to post a Design Dilemma to get the best results. You need to show the whole space—all four sides of an entire space—even if it’s about one specific Dilemma.

https://www.houzz.com/discussions/6417709/unofficial-design-dilemma-boot-camp

Keep in mind that you're inviting some design pros and people with a design eye into your home via photos. If they walked into your actual space, they would take in all of it: all four sides, doorways, floors, windows, ceiling, built-in fixtures, lighting, trim--the "givens"--then the features that can be changed--furnishings, paint, art, rugs, decor items, etc. It's all one first impression. Same thing with photos. That's why it's important to provide well lit photos of the entire space, taken from all sides of a room regardless of the size of your problem.

Yep please no goofy lense either just real pictures IMO there is no way to watch TV in that space without a sore neck every time.

And specify what modern means to you. Your home is fairly traditional.

You're going to need a new chandelier.

I would shoot for Transitional vs. Modern, given the bones of your home. You'll likely have to flank the fireplace with either two small sofas or one small sofa and two chairs opposite.

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Thanks a lot for all the suggestions. Sharing few more pic from different angles.

Thanks. I shared more pics in the comment section. Trying to answer your questions. Haven’t thought about budget yet, it depends. I have children. The wall paint is gray, not very dark though. That’s not a TV above the fireplace. It’s a piece of art.

New wall paint is where I would start my scheme. What is on the walls now absolutely has no connection with the pink toned floor. B.M. Balboa Mist OC-27

Here is a photo of balboa mist on the walls.

The fireplace surround and mantle as well as the trim and lighting fixtures don't really lend themselves to modern furniture. Might suggest that you go in the direction of transitional furniture.

Yeah, I don’t like the wall paint either. But floor is pretty dark brown. Probably because of light it looks different

We will change the lighting fixture and eventually the fireplace.

I am huge fan of Balboa Mist BM it is one of those colors that works with light or dark floors and warm or cool colors.

I think your beautiful painting above the fireplace is a little too high maybe it can be moved lower or to another wall. Maybe to the dining room area. Are those colors you like? Do you plan to decorate with the red, orange and brown colors?

Then how about something like this.

Joseph Residence · More Info

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Dining Room / Family Room · More Info

but if that painting is something you do not love then I suggest something like this below as it will go with the creamy fireplace.

Great Room · More Info

or maybe...

Country Pointe Estates at Ridge - The Berkshire · More Info

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Thanks

I would want to get rid of those very yellow ceilings and repaint with a white that matches the trim.