I would say sit down and make up a priority list. What are your families goals and also, what is really bothering you about all the stuff?
I would have a yardsale and take the money and do something w/the family after the baby is born..even if it is a local trip or a day at the beach. : )
I have a medium size bin for winter stuff. We live in the South, so I just need to layer in the winter. I put all of this into a one corner of the garage. It is sealed up, water tight, bug tight and air tight. I keep only what I can fit in there. It frees up a lot of space in the my closet. I do the same with hubby's and DS's winter items, with the exception that DS's goes into his own closet.
I don't collect much anymore nor do I have a lot of decorative items. I prefer simple decore- I have my favorite pics blown up and frame, a select amout of metal stars, and use these to display and decorate instead of lots of little things on the wall. I try to avoid family members sending trinkets..if they do, honestly I donate them. I can't keep everything or else I would be overwhelmed. When people ask if we can use something for the holidays, I ask for gift cards. I then can purchase things we need and use, such as clothes, shoes and personal items.
I have 2 purses, 4 totes (for the store, travel and days out) and I used on of those Boat and Totes from LL Bean as a baby bag. I now use it as a bag for toting stuff around. They do last and I was not stuck with a typical baby bag.
Really, it's a matter of choice, if you want to continue to take care of these things, if you have the space and also, your own sanity. I took me 4 years to really get to where we are now, so work at it bit by bit. Good luck and keep us posted.