I'm suspicious.
A real katana is made of hammered folded steel, tempered through a differential hardening process which causes the distinctive curve, and is sharpened by polishing; the handle usually features real ray skin and is wrapped with silk cord. You don't get all that for under $1000.
This in contrast with cheap mass-produced "samurai swords", which are usually 440C stainless steel, cut to shape, and machine-sharpened; the handle usually features plastic wrapped in nylon. That's your usual $50-300 blade.
Ultimately depends on what you're using it for. Having fun swinging it around? get what you like. Practicing Iaido, Tameshegiri, etc.? you'll need proper balance and a real edge.
I'm talking about decent medium-carbon steel, not folded but the same all the way through. Probably forged out of old Chinese railroad tracks. It does get the real heat treat that causes the curve and the plain straight hamon. It's no stainless steel wall hanger. The tsuka is nylon, both epoxied and pinned to the tang, so it is a safe tight bond and water will never affect it, unlike the real thing. Fittings and wrapping are OK and the saya is lacquered wood. You can never take the sword apart and change anything on it though. I think all that is well worth $200.
The hardening process does not cause the curve, that is forged in as the edge is drawn down, the edge hardening
process does cause the different temper lines, spots and
other distinctive signs of the hardening process, the use
of refractive clay coatings, slows the hardening process
away from the edge and allows the back to be springy and
tough.
Many men were killed by a bokken.
Musashi fought several duels bokken against Katana,
once carving a bokken from an oar on the way to a
fight on an island.
It is very hard to find good swords cheaply now days, but
one does run across them, I have a showa blade I took in trade for some blacksmith work, I made a wrought Sai for a martial arts instructor.
It is lacking a handle and I 'm looking for a shurasaya
or white wood scabbard for it.
The handle is inscribed with the Showa stamp and an inscription, also shows the file strokes which help to
identify a real blade.
The great blades were sometimes made up of up to FIVE different types of steel, with the hardest being the blade
edge, the softest the center, slabs of medium on the sides
and a bit harder on the back.
I experimented with forged blades in my youth, and developed
a process similar to the japanese, for making tantos and
other small blades with temper lines and hardened edges.