Can you resize already completed sweaters?

I purchased a set- knit pants with matching sweater but its ill fitting. I knew this before hand but i didn’t care really cause i love it. My question is can I resize this intricately woven set? and how?? Id like the pants to fit like leggings and i need to redo the inseam- see the bagginess on the girl in the pic? it also does that to me also-yuck. I’ve attached pics, a full view and a close up of the knit. It’s a Coogi design, if any of you are familiar with that.

When I buy pants that are baggy (I have a large waist, no butt and slender legs), I sew up the inseam, from about the knee on one leg to the knee on the other leg. Sometimes that doesn’t take out all the fullness, but it helps. You could pin it together first and see how that would work.

Thanks Sue, I think thats what i’ll try. I bought a too big pair of “testing” sweater pants. And so far on one leg I sewed up then down and cut in between the 2 and put the leg back together- looks ok, actually. Im going to do the other method on the other leg. Thanks for your help. I’ll post my finished goods for you to see!