I agree with the other posters that if you want to paint, a soft shade of dove gray would be best to coordinate with the slate tiles in your fireplace. However, the colors on your walls are really nice, too. Whether you paint or not, your windows do need curtains and they need to be a print fabric that picks up the red of your furniture. As for your furniture, the 3 pieces you have a much too far away from each other. The sofa may be OK, but pull the loveseat away from the dining room archway towards the sofa and pull the chair away from that corner and place it in front of the window. Then center the coffee table in front of the sofa. That will make the living room much more cozy rather than so cold and impersonal feeling.

I really love the room and the vibrant colors and usually I'm not a fan of red. I would suggest drapes just to cut down on glare and give you more privacy. I hate blinds cause they are a pain to clean and don't look as nice as drapes. I think you could go with a print drape as long as it was subtle because you wouldn't want to go to wild. You should visit the sherwin williams color visualizer and look for fun paint colors. I think a coold neutral like a sherwin williams "foggy day" would be a pretty color to offset the red. Check out these curtains: http://www.jcpenney.com/dotcom/for-the-home/departments/window-treatments/in-home-services/custom-decorating-/resource-center/fortune-ivy-grommet-top-drapery-panel/prod.jump?ppId=1d4af8b&searchTerm=drapes&dimCombo=null&dimComboVal=null&catId=SearchResults and this rug: http://www.lowes.com/pd_176843-102-58110-58013-60X96_0__?productId=3338660&cm_mmc=SCE_PLA-_-HomeDecor-_-Rugs-_-3338660&CAWELAID=1023777161&kpid=3338660+&"cagpspn=pla"

I actually like the color you have. The room is very bright and cheery.

Nice space and furnishings. I agree a gray or taupe paint would make it feel fresh and modern. Just make sure to choose a shade that complements the carpeting. Drapes are a great idea. They will make the room feel more finished. Since everything already in place is solid, patterned drapes would be a good idea. Hang the panels high and to the floor and stay away from tab tops, which are dated. Is there any way to bring your seating pieces closer together? They are all so far apart! An area rug would help tie things together.

I agree with DixieDo. A light grey would play off nicely against the fireplace. I'm not certain about drapes because there appears to be a lot of natural light from the front window, and you don't want to block that, but if you want or need some privacy from foot traffic in front of the house, think about silver panels on the ends (maybe with a subtle print to add texture and fill in the center with sheers.

Maybe a light to med grey paint would be nice

Might want to try a light to med grey