Yep!
But there are some things to keep in mind when you resize.
When you're resizing your house, it's basically a demolish other than the fact that you have an hour to try to replace. So empty your stuff out beforehand.
I think if you are in an area that is now a no-build zone, even trying to resize your house will consider it demolished and you won't be able to replace it. I vaguely remember reading it mentioned in a post somewhere, but can't find it. The only areas I can think of is the beach area in New Magincia and the outer perimeter of Luna. But I also wouldn't recommend using the resize command on a keep in Malas as an attempt to get a castle. Keeps and castles can no longer be placed.
Other than those examples, I think you should be fine using the resize command. I've used it quite a few times in the past.