Hi cb02,
First off, a 700/Q48 is an outstanding score (it's right around the 90th percentile overall), so you can apply to any Business Schools that interest you. As such, a retest is probably not 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 them here:
ask-admission-consultants-124/If you do choose to rest though, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied for each attempt at the GMAT?
2) What study materials have you used for each attempt?
3) On what dates did you take the Official GMAT?
Goals:
4) What is your goal score?
5) When are you planning to apply to Business School?
6) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich