Issues already with first time grandparents - HELP!

Me and my husband are pregnant with our first child and need the advice of those who have been there, done that! 
My DH parents will be grandparents for the first time. Me and my husband both agree that they are over the top. They are acting like they are having the baby calling it their baby, buying two video baby monitoring systems for them to set up in a room, buying toys and books and talking about getting a baby bed. We have informed them that this is unnecessary because we have no intentions of leaving our baby with them when it is small. They both are attention crazy and I feel like they are trying to make it all about them to get attention and not about the baby. 
Are we over reacting? If not, How is the best way to handle this delicate situation?