For a waster,
New Sterling Arms has pretty good wood swords.
I think they're kind of light, but they're otherwise great for practice.
For steel, unfortunately your options are limited to getting a cheap banger or spending $500 on a good steel blunt or sharp.
Your best option for blunt steel is the
Albion Maestro Line Liechtenauer or Meyer, which I think are around $500 now.
The Liechtenauer is extremely good, but it does take a great amount of skill in control to use safely. The blade is weighty and it's overall not an incredibly light weapon, so an uncontrolled swing can easily destroy bones.
Tim Sheetz caught me across the fingers with a Liechtenauer a few months ago...there are still bumps under my skin from that day.
For something cheaper (I don't really recommend this, however):
Paul Chen Practical Hand-and-Half swords are good for just getting acquainted with steel on steel sparring/drills in my experience, but the faults in them are numerous.
Waaayyy too bottom heavy, point is too pointy, giganormous pommel that's bigger than a mace head, and the crossguard begins to rattle a tiny bit after just a few bouts. For the price ($100), it's easily among the best you can get, though. It can be awkward to use but the steel is strong and the hilt stays on well enough to not be a real problem of safety.
Long story short, it works. But you get what you pay for.
Basically anything else between those two price ranges have shaky reputations and I would not trust them for any real practice.
For a sharp, Albion swords are still a good bet but you won't find anything under $500. I highly recommend NOT getting a sharp for under that price.
New Sterling Arms Waster:
http://www.newstirlingarms.com/shop/item.aspx?itemid=8
Albion Liechtenauer:
http://www.albion-swords.com/swords/albion/maestro/sword-practice-liechtenauer.htm
Paul Chen Practical Hand and half:
http://www.kultofathena.com/product~item~PC2106~name~Hanwei+Practical+Hand+and+a+Half+Sword.htm
"...But beware the Juggler, to whom the unseemliest losses are and who is found everywhere in the world, until all are put away." - Joachim Meyer