Hi ZM308,
First off, a 700/Q49 is an OUTSTANDING Score, so you can comfortably apply to any Business Schools that interest you. As such, a retest might not be necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/There's no harm in restarting your studies and retesting though. To properly plan out this next phase of your studies, it would help if you could provide a bit more information on your prior studies and goals:
1) Have you taken the Official GMAT more than once (and if you have, then what were your other Scores?)?
2) How long did you study for this July attempt?
3) On what dates did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
4) What Schools are you planning to apply to?
You might also choose to purchase the Enhanced Score Report. While the ESR doesn’t provide a lot of information, there are usually a few data points that we can use to define what went wrong on Test Day (and what you should work on to score higher). If you purchase the ESR, then I'll be happy to analyze it for you.
Another GMAT Assassin has been made!
Rich